How is real property appraised?

The Assessor values real property using one or more of the three professional appraisal methods:

  • Market or Sales Comparison Approach uses sales to provide estimates of value for similar properties which have recently been sold. Most residential property is valued using the market or sales comparison method. An individual sale does not automatically establish the value of the property. Multiple sales of comparable properties are used in establishing value.
  • Cost Approach estimates what it would cost to replace an existing structure with a similar one that serves the same purpose, less depreciation. Cost value is added with the estimated land value to get total assessed value. The cost method is most reliable in new construction valuation.
  • Income Capitalization Approach is the process of estimating the value of an income-producing property by capitalization of the annual net operating income expected to be produced by the property during its remaining economic life.

(All approaches to value which apply to a particular property may be used by the appraiser.)

Show All Answers

1. What is market value?
2. What types of properties are assessed?
3. How is real property appraised?
4. How is personal property valued?
5. How often does Clallam County appraise property?
6. Do I have to let the county appraiser into my home or onto my property?
7. Why may assessed values change from year to year?
8. Who determines the amount of a property tax bill?
9. What is a property tax levy?
10. Why do property tax rates vary throughout the county?
11. How do I pay my property taxes?
12. What if I disagree with my property's assessed value?