FAQs About A Tax Appraisal And Why It Is Completed

by | Oct 21, 2016 | Appraisal

In Washington, all property owners are required to pay annual taxes for the property. An assessor calculates these taxes by providing a tax appraisal. They follow specific steps to acquire this information and provide an accurate assessment for the owner. The result defines the portion of taxes collected from the property owner as directed by the county. The following are FAQs about a Tax Appraisal and why it is completed.

Why is a Tax Assessment Performed?

The predominant reason for a tax assessment is to determine the current market value of the property. This information is needed to determine how the current market has increased or decreased the market value of the property. Due to fluctuation in value, the tax assessor performs the assessment to determine the exact value owed in taxes for the current year.

Who Requires an Appraisal?

The state or county requires the tax appraisal to determine the volume of revenue they collect each year. The taxes collected are used to pay for local services provided to these homeowners. The services include emergency fire, medical, and law enforcement services. They also include road maintenance in the local area. All taxes assessed and collected from property owners cover these expenses for the county.

How are They Used to Identify Market Value?

The appraisal is part of a comprehensive assessment. It defines the price a fair and reasonable value for the property based on the current market conditions. The value reflects the price at which similar properties have sold in recent months. The assessment isn’t based on a complete appraisal used by real estate agencies. The assessor doesn’t visit the property and review all of its features. They evaluate documents about the property such as its square footage, location, and the year it was constructed.

In Washington, tax assessors provide an appraisal to identify the current value of a real property. This value is defined by certain specifications related to the property and the current market conditions. It identifies projected property taxes paid by the owner that year. These taxes are used to pay for vital services that are available to local residents. Property owners who need a Tax Appraisal visit Spectrum-re-services.com for more information today.

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