||Property tax is a tax that is imposed on owners of real and personal property. The property tax is distributed to each property owner equally in proportion to the fair market value of their property as compared to the fair market value of all property in the same jurisdiction. Washington State law requires county assessors to assess property at 100% of its true and fair market value in money, according to the highest and best use of the property. The term "fair market value" typically means the value at which property is expected to sell for in an open market. All real and personal property is subject to property tax unless law has specifically exempted it.