98516 Property Tax Rate

Property owners in ZIP code 98516 (Olympia, Washington) pay a median of $4,973/year in property taxes on homes valued at $528,000. This translates to an effective tax rate of 0.94%, which is 23% above the Washington state average of 0.77%.

The monthly property tax burden for a median-valued home in 98516 is approximately $414, which factors into escrow payments on mortgages. This ZIP code is located within Thurston County. This is $1,381 more than the Washington average of $3,592/year.

Compared to similar ZIP codes in Washington, 98516 has higher property taxes. ZIP codes with similar effective rates include 98070 (0.94%) and 98624 (0.94%).

In Olympia, property taxes represent approximately 5.4% of the median household income of $92,191, providing context for the relative tax burden on homeowners in this area.

Washington has no state income tax and does not reassess property at sale — your assessed value remains locked until you make major improvements or the county conducts a revaluation cycle. Thurston County offers a Senior/Disabled Exemption Program (income-based, up to $312,500 exemption for qualifying seniors 61+) and a Property Tax Reduction Program for low-income households — contact the Thurston County Assessor's office to verify eligibility and file applications before the annual deadline. Request a current assessment review from the Thurston County Assessor immediately after purchase to confirm the prior owner's value was correctly transferred to your deed.