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Updated over 9 years ago,
Seattle / King County Property Tax Appeal
Hi all,
I'm new to REI and can use some help with a property tax assessment appeal. I closed on a property in Seattle, WA in 12/2014 and the tax assessor is claiming the fair market value of my property as of 1/2015 (only 2 weeks after I closed!) is $150k more than what I paid. One would think the actual sales price of the property would be a huge factor in the tax assessor's initial determination of market value (especially when the dates are only 2 weeks apart!), but apparently that's not the case.
Has anyone experienced this? I've read that I need to build a case with comps that have sold in the neighborhood, but the best comp is the actual purchase of my property as it's the best evidence of the true market value. My property was initially listed close to the tax assessor's value, but after 3 months on the market I was able to buy it for much less. I think this shows the true market value is less than what the tax assessor claims it's worth.
Thanks for any help/guidance you can provide!
Evan