What is the property tax assessment process?

The property tax assessment process in Washington starts with the assessment of a property’s value. The assessed value is determined by the assessor based on market value and the recent sales of similar properties. This value is then multiplied by a certain percentage, which is known as the assessment rate. This assessment rate is determined and set by the state and local governments, and can change from year to year. The taxable value is then calculated by subtracting any special exemptions from the assessed value. The most common example of an exemption is the homestead exemption, which lowers the taxable value of a homeowner’s primary residence. Property tax is then calculated by multiplying the taxable value by the local effective tax rate, which is also set by the state and local governments. Property owners can appeal their property tax assessment if they believe it is too high. They can do this by submitting a written statement of their objection, which is then reviewed by the assessor. If the assessor agrees that the assessment is too high, they will lower the assessed value. If not, the homeowner has the option to take their appeal to the board of equalization. Once the assessment process is completed and any appeals have been processed, property owners can then take their tax bill to the county treasurer’s office and pay their taxes. This process is important to ensure that homeowners are paying the correct amount of taxes on their property.

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What is the property tax assessment process?

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