Lakewood, University Place, Parkland-Spanaway and Fircrest areas will see the highest property tax increase at 20% Tacoma and Gig Harbor taxes will each go up an average of 14%. In Washington State, the property tax rate is 1.031% of the assessed value of a home for 2020. Two changes in our state’s school funding formula will lead to a 13.7% increase in property tax collections in King County for the 2020 tax year. For the 2020 tax … The Washington Property Tax Initiative was not on the ballot in Washington as an Initiative to the Legislature, a type of indirect initiated state statute, on November 3, 2020. Overall property tax collections for the 2020 tax year are $6.3 billion, an increase of $767 million or 13.7% from the previous year of $5.7 billion. Today, property tax accounts for about 30 percent of total state and local taxes. Those taxes brought in 45% of Washington's total yearly revenue or about $22 billion, according to the state Department of Revenue. The personal finance website WalletHub has released its 2020 Property Taxes by State report, which offers a comparison of annual property taxes across the United States. Tim Eyman proposed two versions of the initiative: #1007 and #1015. This number is different for various counties across the state. The Spokane City Council approved a 1% increase in property taxes in 2021 on Monday. The new budget increases state property tax from $1.89 to $2.70 per $1,000 assessed value. For median value single-family homes in Spokane, property taxes will increase $130 in 2018. Property tax was the first tax levied in the state of Washington. In 2020, the state retail sales and use tax rate was 6.5% and as high as 10.4% in some municipalities. It continues to be the most important revenue source for public schools, fire protection, libraries, and parks and recreation. The exact property tax levied depends on the county in Washington the property is located in. 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