How Is The Value Of Real Property Determined?

In Washington State, assessment for tax purposes means establishing the full market value of your land and the improvements thereon.  This is the job of an appraiser.  Appraisal methods used in Mason County follow basic practices and procedures used in the appraisal profession.

Three approaches may be used to determine real property value:

Market: The market data (sales comparison) approach.

Cost: The reproduction or replacement cost new, less accrued depreciation.

Income: The income or capitalization of economic rents approach.

The market and cost approaches are the basis of appraisal of improved residential properties.  All three techniques are applied, if appropriate, in appraising improved commercial and industrial properties.  The value of vacant land is most often determined using the market approach.

Whenever the assessor revalues your property, you will receive a "Change of Value Notice."

• What is Market Value?