Assessing Home Value In Olympia Washington
The assessed home value is the amount of money the government tax assessor says your property is worth. This assessed home value determines how much you will pay for property taxes. The government assessor usually works on the county level, meaning the assessor is somewhat familiar with your area.
Being familiar with the area allows the assessor to make a good decision when it comes to determining the market value of your home. Once the value of your home is determined, a series of mathematical formulas set by the county government are used to determine how much you will pay in property taxes.
To find out the assessed home value, the county assessor will first find the market value of your home. They can do this by observing what prices similar homes in the area are selling for. County assessors usually keep the market value at a reasonable level.
The assessor then takes the market value of your home and multiplies it by a percentage determined by the local government. This determines assessed home values. The county auditor or controller then takes the value determined by the assessor and uses a fixed formula, which includes subtracting any exemptions, to determine your property tax amount.
The county assessor only finds the assessed home value; he or she does not determine the tax amount. Some counties have property tax exemptions for seniors. These exemptions take a specified amount of money, usually under $5000, off of the assessed value of the home.
Property taxes seem to keep going up and up and up. Some counties realize that this isn’t good for seniors who have lived in the area for years, but are now on a fixed income. These counties will put a freeze on property taxes for seniors.
You need to meet age and income qualifications and notify the county that you wish for them to put a freeze on your property taxes. The only way you can lower property taxes for everyone is through legislation.
The assessed value of your home is determined every three or four years, depending on your county’s laws and regulations. If you do not agree with the assessed value of your home, you can appeal to the assessor’s office.
After your home value is determined by the county assessor, and the amount of property tax you owe is determined by the auditor, the county treasurer (or tax collector) sends out property taxes and collects them. The county treasurer then sends your property tax to the county auditor, or controller. The auditor allocates the money to local government agencies that will spend your property tax.
So what do they spend your property tax money on? It depends on where you live, but property taxes often go to school districts, as well as city and county government.
If you have any specific questions about assessing home value in your area, or how it affects property taxes, get in touch with the county assessor. Many county assessors have an Internet website where many county specific questions can be answered. You can also contact the county assessor by phone or by mail with questions about your assessment.
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Clint Hunter
