Washington State Property Valuation Methods
Assessors are given a difficult task, but the goal is to get it right. They must value all taxable property at 100 percent of its true and fair market value in money according to the highest and best use of the property. Market values should be set by willing buyers bidding on what they want for their own purposes from willing sellers with no obligations or commitments.
The county assessor values real property using one or more acceptable appraisal methods:
Market or sales comparison.
Income capitalization approach for income-producing property.
A combination of the three approaches above and utilizing up-to-date data in this field to give you an accurate estimate
Who Determines The Assessed Value?
The county assessor determines the assessed value of your property and sends you a Change of Value Notice when they believe it has increased. Property must be reassessed every year with physical inspections at least once in six years to determine any changes that need to occur.
What Is The Difference Between An Appraisal And An Assessment?
The appraised value is the true and fair market value or the amount of money a buyer is willing to pay for the property.
The assessed value is the amount on which your property taxes are based. This may be less than the appraised value if you receive an exemption or reduction.
What If I Disagree On The Assessed Value
The county assessor’s office is one of the easiest places to get your property value reviewed if you have questions. They can settle disagreements without continuing an appeal process, but it’s always good for homeowners to preserve their rights by filing timely with the Board of Equalization.