Change of Value Notices
- Change of Value Notice
- What does “Market Value” mean?
- Impact of the Real Estate Market
- Disagree with the Value?
Change of Value Notices were mailed on November 1st, 2017
A Change of Value Notice informs the property owner of the appraised value, property description and if the property qualifies of tax deferrals or tax reductions.
If your appraised property value did NOT change, you will NOT receive a Change of Value Notice.
How to Read your Change of Value Notice
Box 1 represents the previous and new market valuation of your property. This is called your "appraised value". In Washington state, the Assessor is required to assess at 100% of the market value.
If you have amounts in Box 2, this means that you are in the Current Use or Designated Forest Land Programs. The property owners in these programs agree to defer the payment of taxes in exchange for using the land for farming, natural preserve, managed forestry, etc. In most cases, the "Total" amount in Box 2 is your the total base for taxes (assessed value).
If you have amounts in Boxes 3a and 3b, this means that you are in the Senior Citizens and Disabled Persons Program. This tax relief program is income-based and is a tax-shift to other members of the community.
The Homesite (HS) amount is the lesser of the market value (Box 1) or your "frozen" value. If you have more than 5 acres, business-use of your home or a rental on your property, you will have an amount in the Non-Homesite (N-HS). The Non-Homesite amount reflects the market value and is not part of the tax relief program.
As part of the Senior Citizens and Disabled Persons Program, your taxes are reduced based on your level of income (Tiers 1, 2 or 3). The amount of value reduction is presented in Box 3b.
Total Base for Real Property Taxes (Assessed Value):
The amount that appears in this box will be used to calculate your 2018 tax amount.
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.
The Assessor's Office reviews each parcel sold in San Juan County. The purpose of the review is to gain information regarding the nature of the sale and the characteristics of the property. The Assessor's Office uses only the sales between an unobligated buyer and seller to be part of its sales data collection.
The San Juan County real estate market has been steadily improving over the last few years. By State law, the Assessor is required to value all taxable property at 100% of its true and fair market value.
By comparing the market sales with our appraised values, we can determine when valuation increases or decreases are necessary to maintain market values.
Below is a summary of how market sales are used to determine your property value:
- The Assessor's Office groups similar properties into "neighborhoods".
- The Assessor's Office reviews the market sales for each neighborhood.
- The Assessor's Office adjusts the value of the entire neighborhood to reflect the market sales in each neighborhood. This method of appraisal is called "Mass Appraisal".
The Assessor's Office reviewed a total of 690 sales transactions from January 1st through December 31st, 2016 to determine the appraised value of your property.
The objective of reviewing market sales by neighborhood is to improve the consistency of the values. The benefit to property owners is the knowledge that they are being treated the same as other property owners.
The valuation of your property is adjusted, upwards or downwards, based on the market sales data.
Since the value of your property is reflective of the 2016 real estate market, most property owners saw an increase in property valuation over last year. However, this "across-the-board" increase in assessed value does not mean an equivalent increase in taxes.
If you do not agree with the value of your property, please do the follow:
Step 1: Contact the Assessor’s Office between 10:00 AM and 4:00 PM
Phone: (360) 378-2172
Step 2: If you are unable to reach agreement with the Assessor’s Office, you may file an appeal with the Board of Equalization (BOE). Forms are available by contacting the Clerk of the Board of Equalization.
Phone: (360) 378-6312
Mailing Address: 350 Court Street #2, Friday Harbor, WA 98250
Forms are available for download on the BOE website:
Completed forms must be submitted to the BOE within 30 days after the date of your Change of Value Notice.