TRI-CITIES, Wash.-Local homeowners continue to be shocked by the recent large upswings in property values in Benton and Franklin Counties.
In Washington property tax is assessed at 100% of market value.
According to Benton County Assessor Bill Spencer assessed value is determined by using appraisal approaches to value: the cost approach, sales approach and income approach.
For the most recent assessments, Benton County assessors visited Kennewick west of Highway 395 to the westernmost city limits, while Franklin County visited west Pasco properties mostly north and south of Sandifur Parkway, from about Road 84 in the east to Road 36 in the west.
According to a report from the Tri-Cities Area Journal of Business, a 24% increase in valuation doesn’t equal a 24% increase in taxes, courtesy of a state law that limits the combined property tax rate to 1% of market value, with voter-approved special levies, like those for schools, as an addition to this amount.
Benton County has an explanation on the Assessor’s Office homepage with anecdotal examples, explaining how the 1% limit applies and how home values are assessed.
Franklin County Assessor John A. Rosenau included a letter in his latest tax booklet explaining to residents that “the assessor does not establish the dollar amount of taxes required nor does the assessor bill or collect taxes. The taxpayers, state limitations and assessed value determine the tax rate for each district.”
Property taxes for the upcoming year are due by April 30 but half can be paid when the other half is paid by the end of October 2024.
