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Question: HOW DOES THE ASSESSOR ESTIMATE MARKET VALUE?

Answer: Appraisers use three approaches to determine the market value of your property.

Market Approach
The market approach uses sales of similar property as evidence of market value. Because no two properties are exactly alike the comparable properties' sales are adjusted by adding or subtracting for features that are different than the subject property. Adjustments may also be made for time and terms of the sale. The market approach is most suitable for the appraisal of single-family dwellings and vacant land when there are frequent sales. This approach is sometimes used for multi-unit dwellings and commercial property. Sale prices, however, are used to compare the values produced by the cost approach.

Cost Approach
The cost approach is based on the idea that the value of an existing property is the value of the land plus the replacement cost of the improvements minus depreciation. Depreciation is not the number of years the improvements have been used, it is the loss in value due to physical deterioration, functional and/or economic obsolescence.

Income Approach
The income approach is used by appraisers to estimate the income from a property and capitalize the income into an estimate of current value. Because this approach recognizes that potential buyers demand property from which they can anticipate a future income, it is often referred to as the principle of anticipation.

Question: HOW OFTEN DOES THE ASSESSOR INSPECT MY PROPERTY?

Answer: The assessor inspects property once every six years, according to the Assessor-Treasurer's revaluation plan as approved by the Washington State Department of Revenue. If property is inspected more often it could be the result of one or a combination of the following:

  • New Construction
  • Board of Equalization or State Board of Tax Appeal
  • Appraisal Review
  • Sales Verification
  • Segregation of Property

 

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