The state offers an additional $2.5 million deduction for family-owned businesses valued at $6 million or less.įor more information, see the Washington State Tax Guide. Effective October 1, 2021, Tennessee taxpayers can now go directly to the state. Inheritance and Estate Taxes: An estate tax is imposed by Washington on estates with a value exceeding $2.193 million (the exemption threshold is subject to adjustment each year for inflation). Property Taxes: The Washington median property tax bill is $3,752, which is higher than average. For tax year 2021, Michigan’s personal exemption has increased to 4,900, up from 4,750 in 2020.
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