What is assessed value?

Assessed value is an essential component of property tax law in Washington. It is a determination of the value of a piece of property for the purposes of taxation. The assessed value is typically determined by local assessors. The assessor will take factors into account such as the property’s size, the location, its condition, and any improvements that have been made. This allows the assessor a way to accurately determine the value of the property. The assessed value is then multiplied by the local tax rate to determine the total amount of taxes to be paid. In most cases, the assessed value of a property is lower than the actual market value, because the assessor is only taking into account the facts of the property at the time of assessment. This helps to ensure the property is not overvalued and the owner is not being taxed more than necessary. As property values change over time, it is important for the assessor to periodically reassess the property to ensure the assessed value is still accurate. In Washington, property taxes are due by April 30th each year to avoid penalties. As a property owner, it is important to keep track of changes in the assessed value in order to ensure the correct amount of taxes are paid.

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What is assessed value?

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