What is a notice of value?

A notice of value is a document sent to property owners by the Washington State Department of Revenue (DOR) once a year. It is a formal statement of the value of a property for the purpose of taxation. Generally, the notice of value is based on recent sales of similar properties in the same area. This information is used by local governments to calculate your property’s assessed value. Your assessed value is the basis for determining the amount of your property tax bill. You should receive your notice of value in the mail each year from the DOR. The notice of value includes information such as the property address, year of assessment, assessed value, and value per square foot. It also lists any exemptions, which are deductions that may lower your assessed value. Exemptions are usually based on certain criteria like age, income, or occupation. In Washington State, you may also be eligible for a tax deferral. A tax deferral allows you to delay paying your property taxes due to certain circumstances such as age, disability, or military service. If you are eligible, you must apply for a tax deferral with the DOR in order to have your taxes deferred. It is important to keep and review your notice of value each year to make sure that the figures are correct. If you find errors or discrepancies, you should contact the DOR as soon as possible to address the issue.

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What is a notice of value?

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