How Do We Value Residential Property?

 

State law requires that we appraise all property at 100% of its true and fair market value, according to the highest and best use of the property.  Comparable sales are used primarily to determine market value of residential property.  WAC 458-07-030

 

All real property in Kitsap County is physically inspected at least once every six years on a cyclical basis. In addition, assessed values are updated county-wide on an annual basis by statistical analysis. If properties in an area consistently sell for more or less than the assessed value, the assessment roll will be adjusted to reflect real estate market conditions in that area. If the character of property changes because of remodeling, additions, subdivisions, etc., a new value is determined. 

 

Most residential property is valued using the sales comparison approach and the cost approach. An individual sale does not automatically establish the value of a property. Our office analyzes multiple sales to establish market value.

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