Property Valuation
In Washington, a property owner who believes their property is over-assessed may appeal to the:
ASuperior Court only
BCounty Board of Equalization✓ Correct
CDepartment of Revenue
DDOL
Explanation
Washington property owners who believe their property is over-assessed may appeal to the County Board of Equalization. Further appeals may go to the State Board of Tax Appeals and ultimately to superior court.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
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