Each county assessor annually values each property in their county. The Department of Revenue each year values state-assessed property, such as property owned by interstate utility companies. There are many topics that fall under the umbrella of "valuation", of which the Department has provided several publications along with offering guidance in valuation in the form of valuation advisories.
Personal and Industrial Property Valuation Guidelines
Frequently asked questions
Listing real property
- What are the requirements for the assessor’s initial listing and valuation of real property?
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- All real property in this state subject to taxation must be listed and assessed every year, with reference to its value on the first day of January of the year in which is assessed (RCW 84.40.020).
- An assessor is responsible for listing and placing values on all property by May 31 of each year except that the listing and valuation of construction and mobile homes under RCW 36.21.080 and 36.21.090 must be completed by August 31st of each year (RCW 84.40.020).
- All property shall be valued at one hundred percent of its true and fair value in money and assessed on the same basis unless specifically provided otherwise by law (RCW 84.40.030).
- The assessor must determine “as nearly as practicable” the true and fair value (market value) of each tract, or lot of land, and of improvements on the land.
- What is the definition of value for property tax purposes?
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Whenever value is used in any statute, law, charter, or ordinance with relation to the levy of taxes in any taxing district, shall be held and construed to mean assessed value of property as defined in RCW 84.04.030 (RCW 84.04.020).