Saturday, February 8, 2014

Paying Taxes in the State of Washington

In the state of Washington property taxes are  paid to the county twice a year.  The County Treasurer's office sends out a bill along with your assessment mid-February.  For those new to the state, you only get one bill, though you need to remember to pay it by the due dates, April 30 and October 31.  The first bill due April 30 covers taxes for January 1 to June 30 and the October 31 bill covers from July 1 through December 31.  While some states divide these payments into county taxes and local taxes, ie, school taxes, the state of Washington combines all taxes and divides the bill accordingly. 

What if you pay late?  If you pay your April 30 bill on May 1 or later, you will have a 1% interest payment penalty.  If you wait until June, you get hit with another 1% interest payment plus, they add on a 3% penalty fee.  Wait until July and you face another 1% interest penalty, and if you wait until December to pay that bill, you will continue to accrue a 1% penalty each month plus you will incur another penalty fee, but this time it will be 8%. 
Where do you send this payment?  Your February bill will give you the address for your county, but if you have your taxes escrowed by your lender, then your lender will pay them for you directly.  If your taxes increase, you may have an escrow shortage and your lender will be contacting you at the end of the year to make up the shortage.
If you want more information on your property taxes, call your County’s Treasurer’s office.

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