On: A global house-price slump is coming?

[turtlebits]

All properties assess below market value, even new construction. A 1.2m house will generally assess for around 800k.

[__derek__ → turtlebits]

That would be option (b) in my comment. Washington State law requires assessed values to be 100% of "true and fair value"[1] despite the fact that they tend to lag market value.

[1]: https://apps.leg.wa.gov/WAC/default.aspx?cite=458-07-030