Taxable assessed value can be a confusing thing in our state. I pulled some information directly from Washington State Government site that I think may make it a little more clear on understanding how assessed value works versus fair market value.
Assessed vs Market Value
The maximum state property tax rate is set in law (RCW 84.52.065) at $3.60 per $1,000 of assessed
Assessed value is based on the most recent appraisal made by the local county assessor. Some counties
revalue property every year. Other counties revalue only every two, three or four years.
Equalizing Property Values
Because property is appraised by county assessors on different cycles, the most recent assessed value does
not always reflect current market value. However, state law directs that the state property tax be based
on the market value of property.
If assessed values alone were used to calculate the state property tax, persons owning property in areas
revalued every year would pay more in tax than those appraised less often, since the tax would be based on
a more current and usually higher valuation.
Read more in the link below to get a thorough chart and example that will help clarify the differences.
Very Best Wishes.
Good luck and contact me for further information. You will be glad you did!
Tracking the assessed value of a property that you are interested in purchasing is one data point that you should collect. For the Vancouver area (Clark County) my research shows that city/town/county assesors office task is "required by law to appraised at market value" --these words can be found on the Clark County Assessment and GIS websight. You should research your local government's websight and have a clear understanding of the appraisel cycles and assessed values. I choose as a buyer to be informed of all the data needed to purchase, and maintain a home. Taxes are part of that, and the services that are provided as a result of collecting taxes.
due dilligence is important -- keep asking questions.
I wish that were true! That would make my job so much easier lol!
Tax assessed value is just that. The value that a municipality sets to tax the owner. Very rarely will tax assessed value be a true indication of fair market value. It often comes close, but is never an accurate indicator.
When a home is accurately priced, it must be done based upon amenities, location and of course supply and demand in a certain area. I have seen homes that were overtaxed by a city and the fair market value was 35k below assessed value.
If you are interested in what your homes fair market value as opposed to what you're being taxed on, send me an email and I can give you a loose CMA and than can help you narrow the field for you.
Hope that helps!