Rental property

The district never gives cost impact information for their measures for renters. They give the false impression that only homeowners are paying property taxes.

The truth is that property taxes apply to apartments, condos, businesses, and houses.

For renters, property taxes usually amount to 1.5 to 2 months of rent that the rental owner passes on to the renter in rent.

An actual example

A four-plex on Rucker Avenue in Everett.

Built in 2006

Total assessed value (AV) for the four-plex for 2021: $1,087,000

Each unit: 2 bdrm, 2 ba, 911 sqft

Monthly rent as of 1/2022: $1600

Therefore,

The equivalent AV for each of the 4 rental units:

$1,087,000 / 4 = $271,750

2021 property tax for each unit: $2700

Number of monthly rents to pay just the property tax:

$2700 / $1600 = 1.7