• What laws affect how the Assessor appraises my property?
• What is market value?
• Can I appeal my new assessed value?

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:

1. Market or sales approach: comparison of a property with the characteristics of similar properties that have recently been sold.
   
2. Cost approach: estimate of the replacement cost of a structure and adjusting that estimate to account for depreciation.
   
3. 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.