Property Valuation
In Washington, the assessed value for property tax purposes is typically:
AEqual to the market value
BSet at 100% of fair market value by state law
CDetermined by the county assessor and may differ from market value✓ Correct
DAlways lower than the appraised value by 20%
Explanation
Washington county assessors determine assessed values for tax purposes. While Washington law requires assessment at 100% of fair market value, assessed values may lag behind current market values.
Related Washington Property Valuation Questions
- An appraiser for a Washington bank is appraising a small apartment building that the borrower claims is worth $1.2 million. The appraiser's independent analysis indicates a value of $950,000. Under USPAP, the appraiser must:
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