The current value of a property should reflect 100% of market value. If the assessment exceeds market, you are paying more than your fair share of taxes.
A residential appeal is based primarily on the market approach to value. This is determined by studying comparable sales in your area. A commercial appeal is based on the market and income approaches to value.
Other considerations in presenting a successful appeal for a residential or commercial property are: cost to construct, recent appraisal or purchase, and adverse conditions. Some examples of adverse conditions are topography, wetlands, steep slopes, age, access, location, zoning changes, and deferred maintenance.
How do you know if your assessed value is too high? Our firm offers a complimentary analysis to determine if your assessed value is above market. Our analysis will inform you of your appeal options.
The deadline to appeal is July 1st or 60 days from the mailing date of the revaluation notice, whichever is later. King County assesses all property on a yearly basis. Other counties have a different schedule. Keep in mind that an appeal needs to be filed when you receive your valuation change notice for the following years taxes; not at the time the tax bill is received.
