Average home price hits $500K in Edmonds

Property tax up almost 10 percent
By Brian Soergel | Feb 26, 2017

Congratulations.

If you are an average homeowner in Edmonds, living in an average home, your average home is now worth half a million dollars. Actually, about $501,000, although, of course, yours could be lower (not by much) or higher (a lot higher).

That’s according to Scott James, who charts such things for the city of Edmonds as its finance director.

James’ numbers tack a bit differently than the Snohomish County Assessor’s office, which recently released its annual update of the assessed values for real and personal property in Snohomish County, while calculating the levy rates for all taxing districts for property tax purposes.

Tax statements were mailed beginning Feb. 14.

Edmonds homeowners will see an average 9.9 percent increase in their property tax bill based on an average residential home value of $474,800 for 2015, up from $428,400 in 2014.

The average property tax bill in Edmonds is $4,830, up from $4,395 in 2016.

The increase for 2017 includes a property tax increase of 1 percent approved by City Council in December, in addition to an emergency medical services property tax increase of 5.7 percent.

Edmonds’ revenues come primarily from property, sales and utility taxes.

The Snohomish County Assessor’s office is responsible for annually updating the assessed values for all locally assessed real and personal property in Snohomish County and calculating the levy rates for all taxing districts for property tax purposes.

The Jan. 1, 2016, revaluation assessment date (or July 31, 2016, for new construction) is set using sales that occurred before those dates and is used to determine the amount of taxes owing in 2017.

Snohomish County voters continued to vote their support for the majority of taxing districts that requested approval of tax increases in 2016. Those increases appear on 2017 property tax statements. Included is a new Regional Transit Authority tax for Sound Transit 3 of 25 cents per $1,000 of assessed value.

Voters approved 18 of 22 monetary property tax measures on the ballot in 2016: Three were approved for a city and fire districts’ EMS levies; five were approved for a city and fire districts’ levies; one for a regional transit authority; and nine for school districts’ levies.

The levy rates calculated for taxing districts generally decreased as a result of higher assessed values. The typical levy rate in 2016 was $11.3 per $1,000 of assessed value. The 2017 typical levy rate decreased to $11.2.

Edmonds’ levy rate for 2017 is at $10.2, down slightly from $10.3 in 2016.

The total taxable assessed value increased from $96 billion in 2016 to $105 billion in 2017 for tax purposes.

Property taxes to be collected this year by all taxing districts in Snohomish County will show an overall 8.22 percent increase over last year. Property taxes for all purposes will total $1.175 billion in 2017, up $89 million over 2016’s $1.086 billion that was levied for all taxing districts.

According to county Treasurer Kirke Sievers, property tax payment information for 2017 also is available online at the Treasurer’s office website: www.snohomishcountywa.gov/Treasurer.

For more information on how property tax levies are calculated, go to www.snohomishcountywa.gov/333/Levy.

There are several tax relief programs available. For more information, go to www.snohomishcountywa.gov/Assessor.

 

2017 tax breakdown for Edmonds homeowners

Property tax rate per $1,000 assessed value

(Government Agency/Assessed Value/Percent of Total)

Edmonds School District $4.78 46.6%

WA State Schools $2.03 19.8%

City of Edmonds $1.25 12.2%

Snohomish County $0.88 8.6%

Emergency Medical Services $0.49 4.7%

Sno-Isle Libraries $0.42 4.1%

Regional Transit Authority $0.25 2.4%

Port of Edmonds $0.08 0.8%

Hospital District $0.08 0.8%

Total $10.35 100%

 

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