Spokane, Washington is known for its relatively low cost of living, and this is reflected in the tax rates for residents and businesses alike. In this article, we'll take a closer look at the tax rates in Spokane and what they mean for local residents and businesses.
- Sales Tax
The sales tax in Spokane is 8.9%, which is slightly higher than the state average of 8.6%. This tax is added to the price of goods and services, and it helps to fund state and local services such as schools, roads, and public safety.
- Property Tax
The property tax rate in Spokane is around $13.56 per $1,000 of assessed value. This is lower than the average property tax rate in Washington, which is $13.81 per $1,000 of assessed value. Property taxes are used to fund local services such as schools, police and fire departments, and other public services.
- Business and Occupation Tax
Businesses in Spokane are also subject to a Business and Occupation (B&O) tax, which is based on the gross receipts of the business. The rate for the B&O tax varies depending on the type of business, with some businesses paying as little as 0.13% and others paying as much as 1.5%. The B&O tax helps to fund state and local services and infrastructure.
- Other Taxes
In addition to sales, property, and B&O taxes, there are also other taxes that may apply in Spokane, including taxes on gas and tobacco products, as well as taxes on alcohol. These taxes are used to fund specific services and programs, and they can be an important source of revenue for the city.
In conclusion, the tax rates in Spokane are relatively low compared to other cities in Washington, and they are used to fund a variety of important state and local services and infrastructure. Whether you're a resident or a business owner in Spokane, it's important to understand the taxes that you may be subject to, and how they help to support the city and its residents.