What You’ll Pay in Property Taxes in Lynnwood
Property taxes in Lynnwood are generally in line with the state average, typically falling between 0.8%–1.2% annually. The exact rate depends on your home’s assessed value and location within the city. In similar suburban cities, property taxes often range from 0.6%–1.2% of the home’s value each year.
To put this in perspective, here’s a quick breakdown of what you might pay in property taxes for homes at different price points in Lynnwood:
| Home Value | Annual Property Tax (0.8%) | Annual Property Tax (1.2%) |
|---|---|---|
| $300,000 | $2,400 | $3,600 |
| $500,000 | $4,000 | $6,000 |
| $700,000 | $5,600 | $8,400 |
Keep in mind that property tax rates can vary slightly from year to year based on local budgets and assessments. But in general, the typical property tax rate in Lynnwood is around 1.0%. This means for a $500,000 home, you can expect to pay about $5,000 per year in property taxes.
How HOA Fees Work in Lynnwood
In addition to property taxes, many homes in Lynnwood are part of a Homeowners Association (HOA). An HOA is an organization that manages and maintains common areas and amenities in a neighborhood or development. As a homeowner, you’ll pay monthly or annual dues to cover these services.
What exactly is included in your HOA fees can vary, but common items are:
- Trash collection
- Landscaping of common areas
- Community pool or fitness center access
- Security or neighborhood patrols
- Maintenance of shared spaces like clubhouses
- Enforcement of neighborhood rules and standards
In Lynnwood specifically, many HOAs also include irrigation or xeriscaping services to help homeowners minimize water usage while keeping their yards looking great. This can be a valuable perk, especially during the dry summer months.
Typical Monthly HOA Costs
So how much can you expect to pay in HOA fees in Lynnwood? It depends on your specific neighborhood and the amenities offered, but most HOA fees fall in the range of $100 to $300 per month. Some communities may charge more or less.
| Neighborhood Type | Typical Monthly HOA Fee |
|---|---|
| Low-amenity neighborhood | $70 – $120 |
| Average suburban development | $150 – $250 |
| Luxury or amenity-heavy community | $300 – $500+ |
| Example: $400k home, 1% tax, $200 HOA | $533 per month |
As you can see, neighborhoods with fewer amenities tend to have lower HOA fees, often in the range of $70 to $120 per month. More upscale developments with extensive landscaping, recreation facilities, and security can command higher fees of $300 or more.
For a real-world example, let’s say you purchase a $400,000 home in Lynnwood with a 1% property tax rate and a $200 monthly HOA fee. In this case, your combined monthly cost for taxes and HOA would be around $533.
Hidden or Seasonal Fees to Expect
While property taxes and regular HOA dues cover most of your ongoing homeownership costs, there are some other fees that can pop up. A few to watch out for in Lynnwood include:
- Special assessments – If your HOA needs to make a major repair or improvement, they may charge an additional fee to cover the expense. This might be a one-time charge or spread out over a few months.
- Irrigation surcharges – Some Lynnwood neighborhoods charge extra during the summer months to cover the cost of watering common areas. These fees can add $20 to $50 per month seasonally.
- Permitting fees – If you want to make changes to your home’s exterior or build an addition, you may need to pay the city for a permit. Fees vary based on the project scope.
- Bulk trash or extra pickups – Have an old sofa or appliance to get rid of? If it’s too big for your regular trash service, you may need to pay a fee for bulk item pickup.
The good news is, for most homeowners, these extra costs are fairly infrequent. But it’s wise to budget a little extra each year to cover [unexpected fees when moving to Lynnwood](/lynnwood-wa/local-hidden-fees/) or making home updates.
Are These Costs Worth It?
After seeing the potential costs of property taxes and HOA fees, you might be wondering: is it really worth it to buy an HOA home in Lynnwood? The answer depends on your priorities and lifestyle.
On one hand, paying for an HOA means your neighborhood will likely be well-kept and visually appealing. You’ll have access to shared amenities and perks that you might not get in a non-HOA home. And in Lynnwood, HOA neighborhoods often retain their value better over time.
However, HOA living does come with some tradeoffs. You’ll have less freedom to personalize your home’s exterior or make certain changes to your property. And you’ll need to factor the monthly dues into your housing budget, on top of your mortgage and property taxes.
Ultimately, it’s a personal decision based on [what housing really costs in Lynnwood](/lynnwood-wa/housing-breakdown/) and what you value most. Many residents find the benefits of HOA living outweigh the costs, but it’s wise to weigh the pros and cons for your specific situation.
FAQs About Property Tax and HOA in Lynnwood
How much is the average HOA fee in Lynnwood?
Most HOA fees in Lynnwood range from $100 to $300 per month, with the average around $200. However, fees can be higher or lower depending on your specific neighborhood and amenities.
Can my HOA fees increase?
Yes, HOA fees can increase over time to keep up with inflation, rising maintenance costs, or new amenities. However, any fee increases must be approved by the HOA board and are typically capped at a certain percentage each year.
Do I pay both property tax and HOA fees?
Yes, if you purchase a home in an HOA neighborhood, you’ll pay both property taxes to the county and HOA dues to your community association. These are separate expenses that cover different services.
How do property tax rates in Lynnwood compare to other cities?
Lynnwood’s property tax rates are fairly typical for the region, with most homeowners paying between 0.8% and 1.2% of their home’s value annually. This is similar to rates in nearby cities like Edmonds and Mountlake Terrace.
Is an HOA worth it for first-time homebuyers?
It depends on your budget and preferences, but many first-time buyers appreciate the simplicity and amenities of HOA living. Just be sure to factor the monthly dues into your housing budget to ensure the home is comfortably affordable.
Final Cost Insights for Lynnwood Homeowners
As you explore the cost of homeownership in Lynnwood, remember that property taxes and HOA fees are just part of the equation. You’ll also need to budget for your mortgage, insurance, maintenance, and utilities. But with a little planning, you can find a home that fits your lifestyle and budget in this desirable Seattle suburb.
On average, expect to pay around 1% of your home’s value annually for property taxes, plus $100 to $300 per month in HOA dues if your home is part of a community association. While these costs can add up, many residents find the tradeoff worthwhile for well-maintained neighborhoods, shared amenities, and strong property values.
Ultimately, the best way to prepare is to work with a local real estate agent who can help you understand all the costs of homeownership in Lynnwood. They can guide you to neighborhoods that fit your budget and lifestyle, so you can make a confident and informed decision about your new home.