Property Taxes in Greenbank, Washington
Median Greenbank, Washington effective property tax rate: 0.78%, significantly lower than the national median of 1.02%, and lower than the Washington state median of 0.92%.
Median Greenbank, Washington home value: $670,719
Median annual Greenbank, Washington tax bill: $5,069, $2,669 higher than the national median property tax bill of $2,400.
How are property taxes in Island calculated?
Property taxes in Greenbank, Washington are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Greenbank's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Greenbank, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Greenbank Property Tax Calculator Work?
Use this Greenbank property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Greenbank's median effective tax rate of 0.78% — based on actual property records in Island County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Greenbank's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Greenbank: rates range from 0.78% in 98253 to 0.78% in 98253, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Greenbank.
About Greenbank Property Taxes
About Property Taxes in Greenbank, Island, Washington
Greenbank’s median effective property tax rate of 0.78% is lower than the Washington state median of 0.92% and lower than the national median of 1.02%. This rate reflects the Island County base levy combined with local school district levies and Local improvement districts (LIDs) that vary by subdivision throughout the city.
Property tax rates are not uniform across Greenbank. Homeowners in the 98253 ZIP code carry a median effective rate of 0.78%, while those in the lowest ZIP also pay 0.78%. This spread reflects how school district boundaries and local assessment districts are drawn across Island County. Understanding which part of Greenbank you live in can make a meaningful difference to your annual tax bill.
Greenbank homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the July 1, 2025 deadline each year.
If your estimated bill seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Greenbank, Island County, Washington
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare GREENBANK's effective property tax rate to other cities in Washington and the median property tax rates in Washington and the U.S.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Greenbank Tax Rate
0.78%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Island County Tax Rate
0.73%
Median Effective Washington Tax Rate
0.92%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Greenbank, Island County, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98253 | 0.72% | 0.76% | 0.78% | 0.79% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Greenbank, Island County, Washington
When examining property taxes in Greenbank, Washington, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Island County assessor estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Island County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of June.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Greenbank.
For example, the median home price in Greenbank is $670,719, with tax bills ranging significantly across the county. 98253 has the highest median home price at $670,719.
Property Tax Assessment Values Across Greenbank, Island County, Washington
Source: Ownwell
$459,597
$565,158
$670,719
Median Greenbank Market Value
$670,719
Median Island County Market Value
$549,996
Median Washington Market Value
$501,600
Median United States Market Value
$274,101
Property Tax Assessment Values Across Greenbank, Island County, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98253 | $312,200 | $475,717 | $670,719 | $915,451 | $1,158,974 |
Source: Ownwell
Property Tax Bills Across Greenbank, Island County, Washington
Property tax bills in Greenbank are based on the assessed value of a home and the local tax rate set for Island County. When a property’s market value rises, the assessed value can increase as well, which may lead to a higher tax bill. For Greenbank homeowners, the median home price is $670,719, and the median property tax bill is $5,069, which is above the national median property tax bill of $2,400.
Several factors affect the final bill, including the home’s assessed value, local levies, and any exemptions that may apply. Bills can vary widely across the area, with the 25th percentile at $3,446 and the 75th percentile at $7,075. At the higher end, the 90th percentile reaches $9,041.
For homeowners, this means property taxes can be a significant ongoing cost, especially in a market where home values are relatively high. Understanding how the bill is calculated can help homeowners better anticipate changes and evaluate whether their assessment reflects the property’s market value.
Median Greenbank Tax Bill
$5,069
Median Island County Tax Bill
$3,999
Median Washington Tax Bill
$4,512
Median United States Tax Bill
$3,209
Property Tax Bills Across Greenbank, Island County, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 98253 | $1,695 | $3,446 | $5,069 | $7,075 | $9,041 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | July 1 |
| Tax Bill | |
| Issued | February 10 |
| Due Date #1 | April 30 |
| Due Date #2 | October 31 |
Links | |
|---|---|
| Island Tax Assessor | |
| Website | assessor.islandcountywa.gov |