WSR 08-22-049



[ Filed October 31, 2008, 1:41 p.m. ]


PTA 15.0.2008

Low-Income Housing Valuation

This property tax advisory (PTA) provides guidance to both assessors and taxpayers in determining the true and fair market value of low-income restricted housing. This PTA, together with the low-income housing valuation guide that accompanies it, incorporates generally accepted appraisal practices with Washington statutory and appellate court case law.

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, 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

Rules Coordinator

Washington State Code Reviser's Office