Washington Tax Board Reduces Value for Taxpayer’s Seattle Property

The Washington Board of Tax Appeals (BTA) set aside the determination of the King County Board of Equalization and ordered a reduced value for the taxpayer’s commercial property in Seattle. The dispute involved the true and fair market value of a seven-story apartment building. The taxpayer argued that its sales comparison approach and income approach supported a reduced value, while the Assessor maintained that the original assessed value was correct. After reviewing the evidence, the Board found that the Assessor’s sales did not support the assessed value and that the Assessor’s income approach overvalued the property by using rent rates ...