98023 Property Tax Rate

Property owners in ZIP code 98023 (Federal Way, Washington) pay a median of $4,689/year in property taxes on homes valued at $545,600. This translates to an effective tax rate of 0.86%, which is 12% above the Washington state average of 0.77%.

The monthly property tax burden for a median-valued home in 98023 is approximately $391, which factors into escrow payments on mortgages. This ZIP code is located within King County. This is $1,097 more than the Washington average of $3,592/year.

Compared to similar ZIP codes in Washington, 98023 has lower property taxes. ZIP codes with similar effective rates include 99328 (0.86%) and 98819 (0.86%).

In Federal Way, property taxes represent approximately 4.6% of the median household income of $101,960, 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.