Residential exemptions are a local option exemption, which has been accepted in Everett. A residential exemption is a credit applicable to all residential properties, used by the owner as his/her domicile.
Residential exemptions is an annual vote at the option of the Mayor, with the approval of City Council. Each year the vote to accept the exemption decides the percentage of the Average assessment of all residential properties within the city up to a maximum of 20%.
This exemption is only applied to the principal residence of a taxpayer as used by the taxpayer for income tax purposes.
For Fiscal Year 2015, the total assessed value of all residential properties in Everett was $2,584,829,341, which comprised of 8,525 properties, making the average residential assessment of $303,206. The Mayor and City Council chose the maximum amount of 20% to be credited. 20% of $303,206 came to $60,641 in assessed value or $885.96 in tax.