The Assessor's Commercial Appraisal Division is responsible for the countywide valuation of all commercial and industrial property. Examples of these properties include commercial land, apartments, office buildings, warehouses, retail stores, restaurants, and marinas. The Assessor uses three recognized appraisal methods to value commercial property: the sales approach, cost approach, and income approach. The best method is considered and selected for each property type to calculate a final fair market value. Most commercial properties are valued using the income approach. The commercial division physically inspects a grouping of property types each year to collect and maintain accurate data and property characteristics. The remaining property types are reviewed and adjusted annually to ensure the assessed values are up to date with the current market conditions. Other duties include the inspection and valuation of all commercial new construction, reviewing splits and merges, and responding to assessment appeals.
RCW Chapter 84.40.030 - Basis of valuation, assessment, appraisal - One hundred percent of true and fair value…
WAC Chapter 458-07-030 - True and fair value—Defined—Highest and best use
WAC Chapter 458-07-015 - Revaluation of real property
RCW Chapter 84.40.025 - Access to Property Required