Personal Property Valuation

Personal property values are based on reported cost, year of acquisition and type of asset. Valuation tables are provided by the Washington State Department of Revenue. These tables are used to determine taxable value. The Notice of Value is provided to the property owner or agent each year after the property has been assessed. All personal property is subject to assessment and taxation except items exempted under RCW 84.36.005 and RCW 84.36.070.

According to the state law RCW 84.40.030., assessors are required to value all taxable property at 100% of its true and fair market value taking into consideration the highest and best use of the property, this includes personal property.

Property tax statements are mailed during February each year. If the amount of tax due is $50 or less, full payment is due by April 30. If the tax due is over $50, half of the amount may be paid by April 30 and the balance by October 31 without incurring a penalty for late payment.

Washington State Department of Revenue valuation guidelines used in making personal property assessments are available online.