Washington Appeals Board Adjusts Taxpayer’s Property Vacancy Rate, Revises Valuation

The Washington Board of Tax Appeals issued a decision granting taxpayer’s appeal against the Jan. 1, 2022, true and fair market value of their improved office property located at 33600 6th Ave. S., Federal Way. Taxpayer appealed the King County Assessor’s valuation of their property which was sustained by the King County Board of Equalization. The Board found that taxpayer had demonstrated that the assessor erroneously overvalued the property by using an artificially low vacancy rate. The Board determined that a 12 percent vacancy rate, rather than the assessor’s 10 percent rate, was more appropriate based on evidence of increasing vacancies ...