98003 Property Tax Rate

Property owners in ZIP code 98003 (Federal Way, Washington) pay a median of $3,970/year in property taxes on homes valued at $428,500. This translates to an effective tax rate of 0.93%, which is 21% above the Washington state average of 0.77%.

The monthly property tax burden for a median-valued home in 98003 is approximately $331, which factors into escrow payments on mortgages. This ZIP code is located within King County. This is $378 more than the Washington average of $3,592/year.

Compared to similar ZIP codes in Washington, 98003 has higher property taxes. ZIP codes with similar effective rates include 99031 (0.93%) and 98146 (0.93%).

In Federal Way, property taxes represent approximately 5.6% of the median household income of $70,800, providing context for the relative tax burden on homeowners in this area.

Washington has no state property tax; King County Assessor assesses at market value with no annual growth cap, and your home resets to full fair market value at sale. King County offers the Senior/Disabled Property Tax Exemption for qualifying low-income homeowners and renters — eligibility requires age 61+ or disability with household income under the state limit (approximately $40,000–$45,000 depending on assets). Contact the King County Assessor's Exemptions Unit or visit the county website immediately after purchase to apply for any senior or disability relief; the deadline to file for the current tax year is typically March 31.