In Washington State, taxes on real estate account for about 30% of all state and local tax revenues. Property taxes pay for local services like fire protection, public schools and parks.
Tax rates apply to those assessed values. They are calculated based on the total of assessed value in a given tax district, and the total budget of a given taxing authority. So, for example, if the sum of assessed values is $500,000 and taxing authority needs revenue of $2,500, the rate would be 0.5%.