Low-Income Housing Valuation
This document explains that appraisal theory and practice and Washington case law have held that the basis for determining the value of real property is all the factors that enter into a sale of property between a knowledgeable willing seller and a knowledgeable willing buyer who are not compelled to sell or buy. It also explains that the restricted rents of property in a low-income housing program, as opposed to the market rents of conventional housing, are to be taken into account by the assessor when valuing the rent-restricted property.
A copy of this document is available via the internet at http://dor.wa.gov/content/FindALawOrRule/, or a request for a copy may be directed to Leslie Mullin, Property Tax Division, P.O. Box 47471, Olympia, WA 98504-7471, phone (360) 570-5865, fax (360) 586-7602.
Alan R. Lynn