Maria owns a single-family home in King County, Washington. She receives her property tax assessment notice and believes the county assessor has overvalued her property. What is the first step Maria must take to formally challenge the assessed value?
Correct Answer
B) File a petition with the county Board of Equalization before the statutory deadline
Under RCW 84.48, a property owner who disagrees with the county assessor's valuation must first appeal to the county Board of Equalization (BOE). The petition must be filed by July 1 of the assessment year or within 30 days of the date the change-of-value notice was mailed, whichever is later. The BOE is the mandatory first-level administrative appeal body.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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