How much over the taxable assessed value should a home be priced? The average seems to be $100,000 over.

Asked by Annette, 98371 Sun Jan 20, 2008

Help the community by answering this question:

+ web reference
Web reference:


Lara McHenry, Agent, Spokane, WA
Sun Jan 20, 2008
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
property value.
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.
1 vote
Mike, Both Buyer And Seller, Los Angeles County, CA
Tue Apr 1, 2008
Annette, *SHHHHHHHH* Don't tell the County Tax Man !
0 votes
Mark McFarla…, , Pierce County, ND
Tue Apr 1, 2008
Tax assessed value really has very little to do with the marketable value of your home! The real market value of your home is going to depend on what comparable homes in your area have sold for,that's why it is of vital importance to have a full time Realtor that is in the market place every day come out and look at your home and do a comparable market analysis on it,basicly the same thing that a appraisor would do! If you need any help in that please give us a call anytime,there is never any obligation and the CMA is free.Mark McFarland/Jeanne Merola Team! Windermere South Inc.Puyallup,Wa.(253)230-7142.Thanks,and good luck!
0 votes
voices member, , University Place, WA
Fri Mar 7, 2008
Tax assessed value has nothing to do with market value. The best and only way to price your home for the market is to call on a respected Realtor who works your area to provide you with a current market analysis of recent sales of similar size, amenity, age, and location homes. It is crucial at this time to note if homes are trending up or down and how much activity there is in the market place...i.e. activity at open houses, phone calls the agents are receiving, etc.
Good luck and contact me for further information. You will be glad you did!
0 votes
Mary, Both Buyer And Seller,
Thu Feb 21, 2008
Hi Annette,
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.
0 votes
Don Dutton, Agent, Puyallup, WA
Wed Feb 20, 2008
Annette - Unfortunately, just as the others have said, there is no relationship be tax assessed value and true market value. There are many homes that are now being advertised "under assessed value." If you want to know a price for your property contact a Realtor who can provide MLS comparable listings and sales. Buyers will always compare your property with other similar listings before making their offer. They really don't care about assessed value. Good luck with your move.
0 votes
Michael Mesa, , Tacoma, WA
Sun Jan 20, 2008

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!

0 votes
Search Advice
Ask our community a question
Market Conditions in Nearby Locations

Email me when…

Learn more