By Lorilyn Lirio
According to the Thurston County Board of Equalization, local homeowners have until Oct. 28 to appeal their property tax assessments.
This county webpage provides explains the procedure and provides forms.
This process could lead to potentially significant savings for those whose properties have been overvalued, according to the National Taxpayers Union Foundation (NTUF), which says that about 60% of properties are over-assessed in the United States, which leads to higher property tax bills.
“Middle- and lower-income taxpayers are among the most often over-assessed. Yet typically fewer than 5% of taxpayers challenge their assessments, even though the majority who do so win at least a partial victory when properly prepared,” NTUF stated.
NTUF added that it is a crucial opportunity for homeowners in Washington state to potentially reduce their property tax burden, especially given that the state ranked as having the eighth highest cost of living nationwide.
In Washington, property taxes are calculated by multiplying the county tax rate by the property’s assessed value. When a property is assessed at a value higher than its actual market worth, homeowners pay higher taxes.
To successfully challenge the value assessment, a homeowner must demonstrate that their property has been over-assessed. NTUF offers suggestions for those seeking to appeal their assessment:
- Make sure all deductions to which you are entitled are granted.
- Check the accuracy of the assessor’s math, description of the property, work papers, and any record card for it.
- Consult with any experts who might be of assistance.
- Locate at least five comparable properties.
- Make adjustments for differences between your property and comparables.
- If your assessment is unfair, make an informal appeal to the assessor first. If the assessor does not agree, file an appeal.
- Attend an appeals board hearing to get a feel for the process.
- Prepare a written summary of your case.