How does the Assessor establish the value of property?
The assessment date is January 1st of each year, for taxes payable the following year. For residential properties, the Assessor must determine actual market value. This is based on style, size, amenities, location, etc., and then compared to similar properties that have sold during an eighteen month time span. Those sales nearest to the end of the eighteen month period would be the most representative. Keep in mind that residential properties can only be valued by the market approach (due to the Tabor Amendment). For most non-residential property, the Assessor considers comparable sales information, construction cost, depreciation, and the income approach to value.
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?
