How does an assessor value property?
Residential, commercial and industrial real estate is assessed at 100% of market value. The assessor must determine the fair market value of the property. To do this, the assessor generally uses three approaches: • Market Approach: Find properties that are comparable to yours which have sold recently. Analyze sales of similar properties that were recently sold. Determine the most probable sales price of the property being appraised. • Cost Approach: Estimate how much money at current labor and material prices it would take to replace the property with one similar to it. Useful when no sales of comparable properties exist. • Income Approach: If the property produces income, such as with an apartment or office building, estimate its ability to produce income. Agricultural real estate is assessed at 100% of productivity and net earning capacity value. The assessor considers the productivity and net earning capacity of the property. Agricultural income as reflected by production, prices, e
Related Questions
- What documentation must the owner of a residential rental property submit to the assessor before the assessor is required to value the property in accordance with section 581-a?
- Does NPDP come with a full set of assessor attributes such as situs address, assessed value and other property characteristics?
- How often does the Snohomish County Assessor value personal property?
