Profile picture for gigs12

King county property discussion

Hi,

I know of a house which sold for 680k a few days back(new construction). However today while checking the King county propery records for this property:
http://www5.kingcounty.gov/kcgisreports/property_report.aspx?PIN=4139700040

The records above indicate the appriased value for the property as 531k. So I am not sure why there is such a big difference in what he paid for the house and what it was appraised at?

Can someobyd help explain please?.
  • December 21 2009 - Eastgate - Cougar Mountain
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Answers (2)

Profile picture for SeattleHome.com
Good questions, gigs.

The assessor doesn't necessarily have to give any weight to the actual purchase price of the home.  They assess it based on their analysis of comparable sales and the home's condition/location.  While most homes seem to be assessed near the purchase price on a newly-purchased home, there has been a downward trend in all assessments lately.

It's possible the assessor's office is pre-emptively beating appeals to the punch.  Property assessment appeals have been so high lately that the office is probably swamped, and values were clearly headed down this year. 
  • December 21 2009
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Profile picture for nwhome.us
The key is the term "new construction"; there is no prior record of the home.  In some cases you will find the assessment tagged at the price of the land, until it sells.
If the home had bee on the market for an extended period of time the county may have included it in their annual update, but would only have thrown it into their pricing model, not really doene an appraisal..
  • December 21 2009
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