How are property values determined?

Property values are determined by the Washington State Department of Revenue (DOR). The DOR looks at various factors in order to assess the value of a property. These factors include the size of the property, the location, market value, and any improvements that have been made. Size is an important factor in determining property values. Larger properties will generally be worth more than smaller properties. Location is also important. Properties located in more desirable areas will generally have higher values than those located in less desirable areas. The market value of a property is another factor that should be taken into account. Homes that are in an area with higher demand and few available homes will usually have higher values. Finally, any improvements or upgrades made to a property will also be taken into consideration when setting the value of a property. This can include things such as a new roof, updated appliances, or a upgraded deck. All of these items increase the value of a property and will be taken into consideration when determining the value. By taking all of these factors into consideration, the Washington State Department of Revenue is able to determine the value of a property for the purposes of property taxes. The property owner is then responsible for paying any taxes due using this value as a basis.

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