Property Assessments– What do they mean?

 

Our office and brokers have received many calls with questions regarding the newly received property value assessments.

According to the San Juan County Assessor’s website “State law requires that assessors appraise all taxable property within the county at 100% of its true and fair market value, according to the highest and best use of the property. Fair market value, or true value, is the amount of money that a willing and unobligated buyer is willing to pay a willing and unobligated seller.

“Each year, the County is responsible for reviewing the values of approximately 20,000 parcels. Whether you have purchased your property recently or not, the Assessor will still evaluate your property on an annual basis. These annual evaluations are based on research of sales of properties within the past year. For example, if 2016 sales are available, they are used to calculate the 2017 assessed values.

By State law, members of the Assessor’s office are re- quired to conduct a physical inspection of the property every 6 years. If new construction occurs, then this new construction will be physically inspected annually until construction is completed. These physical inspections are taken into consideration when updating the current assessed value.

Once the valuation is established, your taxes are calculated based on a tax rate. Many factors determine property tax rates, the amount of property tax due on com- parable properties will vary throughout a county. The three main factors that determine the tax rate include: various combinations of taxing districts in different areas of the county, budget amounts for each taxing district, and voter-approved special levies and bonds.

Key point: these tax rates vary year to year, depending upon the County annual budget.  If assessed values go up (or down) it does not necessarily mean that your taxes will go up (or down).

If you disagree with your new property assessed value, there is an appeal process via the Board of Equalization that you may undergo. Keep in mind that you must reg- ister the appeal within 30 days of the original filing of the new valuation of your property.

The San Juan County Assessor’s website is an excellent resource for additional information:

 www.sanjuanco.com/149/Assessor

 

 

 

 

 

 

 

 

John Dunning, Designated Broker/Owner

Posted on November 29, 2017 at 10:20 AM
Windermere Orcas | Category: Financial, Housing Market, San Juan Islands

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