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Old 05-01-2013, 01:22 PM
 
16 posts, read 43,726 times
Reputation: 11

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I am hoping to move to Spokane in the next couple months and property taxes have me baffled.

If I look at say Eagle Ridge south of I-90 I can see many houses with assessed values close to market value. If I multiply assessed value by the appropriate percentage (between 13 and 14.9 percent for most of what I have found in the Spokane area and taken from the Assessors office website) I can match the property taxes assessed on the property. This is pretty straightforward. Often I see market values higher than assessed values. Right now I see a house that was built in 2005 listed at 299,000 and assessed at 237,800.

If I try the "Liberty Lake" area. Assessed values are WAY higher than market value. I see a house for sale built in 2007 for $375,000 with an assessed value of 417,200. Property taxes are over $6,000.

Using these two as an example, one house is listed at 76,000 more than the other but taxes are over $3,000 apart. I understand the levy rate in Spokane is lower than Liberty Lake but it is the massive difference in assessed value vs. market value I am having a hard time figuring out.

Anyone have an answer?

NC
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Old 05-08-2013, 05:38 PM
 
Location: Spokane, WA
101 posts, read 221,388 times
Reputation: 68
Anyone's guess is as good as any in regard to the relationship between tax assessed value and market value. The assessors had a little bit of a knee jerk reaction in many areas after they raised assessed values 2007-2010 when values were tanking. Plus, there are special levies in different districts that can distort numbers. Most everything I've seen has been selling well above assessed value in Spokane. The only way to establish home values is to look at sales comps for particular homes and use total market overview data to see how much homes are selling for. In Liberty Lake, listings that are priced well enough to get an offer are getting 99-99.5% of asking price with an average of 20 days on market. Anything listed above $300k is getting about 98% of asking with 35 days on market. Of course, those are averaged statistics, but helpful none the less. It seems that prices are creeping up a little in the resale market since new construction has risen 5-10% across the board and has created more of a gap. Many reputable builders are having a hard time getting houses completed before they sell, and homeowners are reaping the benefits.
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Old 05-20-2013, 10:27 PM
 
44 posts, read 118,781 times
Reputation: 88
I bought my house for $100K less than what it was assessed the year I bought it. This is in Liberty Lake. I challenged the assessment and to my surprise it actually got lowered by a bit. Not to what I paid but enough to shave a few hundred off the property tax bill. From what I've noticed the more expensive the home, the less correlation there is between market value and assessment. So a $100K house will be assessed around $100K. A $200K house will be assessed at $220K. A $500K house will be assessed at $600K and so on.

Why this is, I have no clue. But it's what I've noticed.

And yes property tax can be quite high. Not sure where you're moving from, but remember there is no state income tax here in WA. So it balances out in the end.
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