The Assessor does not create market value. Market value is the price a willing buyer and seller would agree to under ordinary circumstances. This does not mean that an individual sale will automatically establish the value of a property. The Assessor uses multiple sales of comparable properties in establishing value. Taxable property is divided into two classes.
Real property includes land and all buildings, structures, and improvements to the land.
Personal property includes machinery and equipment, fixtures, furniture, and other items that are movable in nature. Personal effects which are not held for sale or commercial use are not taxable. All property in Snohomish County is physically inspected at least once every four years. If property in a particular area consistently sells for more or less than the assessed value, the assessment roll will be adjusted to reflect real estate market conditions in that area's cycle. If the character of property changes because of new construction, remodeling, additions, subdivisions, etc., a new valuation is determined.