Back on December 12, 2007, we published a post regarding the discrepancy between Loudoun County tax assessments and fair market value. The post included a poll asking, "How much higher or lower than 2007 will your 2008 tax assessment need to be in order to reflect your property’s true market value?"
Seventy-five percent said that their 2008 assessed value would have to be more than 7 percent less than their 2007 assessed values in order to reflect their property’s market value.
Well, here we are a few months later and the 2008 assessed values have come out. So we’re here now to ask you a follow up question:
"Is your 2008 assessed value correct?"
Zillow just released their Quarterly Home Value Report for the Washington, DC metro area, including Loudoun County. It’s interesting to compare this to other reports regarding the Washington, DC metroa area as a whole, as well as 2008 assessments from the Loudoun County Assessor’s Office, which may have used a variety of methods to calculate values.
4th Quarter 2007 (October-December 2007)
|County||Home Type||"Zindex"||Quarter over Quarter Change||Year over Year Change||5 Year Annualized Change||10 Year Annualized Change|
|Loudoun County||All Homes||$418,022||-6.6%||-11.1%||5.1%||8.1%|
|Loudoun||Single Family Residence||$440,777||-6.2%||-10.6%||4.9%||7.8%|
|Loudoun||Single Family Residence, Small Size||$311,992||-7.2%||-8.8%||6.1%||8.8%|
|Loudoun||Single Family Residence, Medium Size||$343,888||-7.3%||-10.1%||6.1%||8.2%|
|Loudoun||Single Family Residence, Large Size||$514,764||-5.8%||-6.7%||5.1%||7.8%|
|Loudoun||Single Family Residence, Extra Large Size||$768,953||-4.9%||-2.8%||4.0%||6.1%|
|Loudoun||Condominium, Small Size||$199,393||-7.0%||-9.3%||10.0%||10.4%|
|Loudoun||Condominium, Medium Size||$264,137||-6.5%||-9.8%||7.5%||9.9%|
|Loudoun||Condominium, Large Size||$424,590||-6.7%||-13.5%||4.8%||6.6%|
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Filed under Loudoun County, Seller Resources, Statistics, Thursday Polls
Everyone knows that Loudoun County real estate property values have gone down significantly over the last several years, including 2007. For everyone’s sake, I hope that the Loudoun County Tax Assessor realizes this as well when computing 2008 tax assessments. Everyone we’ve talked to in Loudoun County is upset about their assessed value and most are worried that their 2008 tax assessments will not be in line with their fair market value. The people who are even more upset are those who appealed their tax assessments earlier this year and were completely shot down without a good, if any explanation.
Yes, they’re upset because they’ve lost market value. But why are they really upset? Because 2007 assessed values are up to 30 percent higher than current market values (non-foreclosures or short-sales) and they think that the Tax Assessor doesn’t care. That means that Loudoun County residents are paying up to 30 percent more in taxes than they should.
For example, the property located at 904 Amelia Street in Sterling, VA just sold for $276,450 net. It was assessed at $392,200. That’s a $115,750 (30 percent) discrepancy between assessed and market value.
In the FAQ section of the Loudoun County Tax Assessor’s web site, it states:
"Information is gathered from buyers, sellers, and real estate professionals. The bonafide selling prices are then compared to the assessed values to arrive at an assessment/sales ratio. The county is required by law to assess at 100% of fair market value."
Neither myself nor any consumer, real estate agent or broker I have run across has been contacted by the Loudoun County Tax Assessor regarding their opinion, expertise, stats or data regarding Loudoun County real estate market values.
This discussion brings to a poll we’d like for you, the consumer and real estate professional, to take. Though values vary by specific community, this will give us, you and the Loudoun County Tax Assessor a general idea of what the residents of Loudoun County think about market versus assessed values for 2008.
*This post was edited 12/29/07 because it was brought to our attention that part of the post could be misinterpreted and those items have been deleted.