What laws affect how
the Assessor appraises my property? Washington State law
requires Assessors to appraise property at 100 percent of its "true
and fair market value" in money according to the "highest and best
use" of the property. That means the Assessor must first know what
similar properties are selling for, what it would cost to replace
it, and what the current interest rates are for borrowing the money
to buy or build properties like yours. There are three basic
approaches to the valuation of real property:
- Market or sales approach: comparison of a property with the
characteristics of similar properties that have recently been
sold.
- Cost approach: estimate of the replacement cost of a
structure and adjusting that estimate to account for
depreciation.
- Income approach: analysis of a property's value based on its
capacity to generate revenue for the owner.
What is Market Value? It
is the amount of money that a willing and unobligated buyer is
willing to pay a willing unobligated seller. In other words, it is
the price most people would pay for your property in its present
condition.
Can I appeal my
new assessed value? Yes. If you disagree with the value of
your property, call the Assessor's office phone number listed on
your Change of Value Notice and ask to talk to an appraiser. The
appraiser will be glad to answer your questions and examine the
valuation of the property. If you cannot come to an agreement, the
appraiser will explain how to appeal with the Snohomish County
Board of Equalization (BOE). You must file a completed petition
with the BOE within 60 days of when the change of value notice was
mailed or by July 1st, whichever is later. Appeal forms are
available from the Clerk of the Board at 425-388-3407. The appeal
process does not require an attorney, but you will need to present
evidence that the Assessor's value is incorrect.
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