Washington Appeals Board Issues Final Decision on Property Tax Appeals for Seattle Apartment Complex

The Washington Board of Tax Appeals issued a decision setting aside the King County assessor’s valuation of taxpayer’s multi-family apartment complex for tax years 2020 and 2021. The Board revised the assessed value by applying a 4.8 percent capitalization rate supported by market data, instead of the assessor’s 4 percent rate, resulting in reduced assessments of $10,426,000 for 2020 and $7,478,800 for 2021. [GT Mukilteo, LLC, v. John Wilson, Wash. B.T.A., Nos. 99727, 100223, 02/11/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.