Daily Tax Report: State

Washington Appeals Board Sustains King County Assessor’s Property Tax Valuation of Taxpayer’s Apartment Building

April 8, 2020, 5:00 AM

The Washington Board of Tax Appeals (BTA) Feb. 14 sustained the King County Assessor’s property tax valuation of Taxpayer’s apartment building. The King County Board of Equalization sustained the assessor’s valuation and Taxpayer appealed. Both parties relied primarily on the income approach to value the property. The BTA found: 1) Taxpayer’s expense estimate wasn’t reliable because Taxpayer based its expense deduction on the property’s expenses when it was being repaired and renovated following a fire that disrupted its occupancy; 2) a prudent buyer, wouldn’t anticipate the fire repair expenditures; 3) annual expenses averaged well below both parties’ estimates and didn’t...

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