Washington Appeals Board Partially Sustains Taxpayer’s Property Valuation Appeal

The Washington Board of Tax Appeals issued a decision partially granting taxpayer’s property tax appeal. The dispute involved the Jan. 1, 2021, true and fair market value of taxpayer’s properties which comprise an economic unit improved with an apartment building and parking structure. The taxpayer appealed the Assessor’s values, asserting the income approach as the predominant method for determining market value due to a lack of comparable sales. Both parties submitted sales comparisons and income approaches, and the Board found the income approach more reliable. The Board set aside the determination of the King County Board of Equalization for Parcel ...