The Longer The Commute, The Harder Home Values Were Hit?

National Public Radio (NPR) ran a story today that suggests that areas with longer commutes and the lack of a good mass transit system are getting harder hit than those areas closer in with a proper mass transit system. This story hits very close to those in Loudoun County considering the sharp decrease in home values and the proposed Dulles Rail project being dead in the water.

To listen to and/or read the story, click here.

Further Reading:

"Update On Dulles Rail Project and Proffer System – Straight From Richmond"

-Danilo

Grantor’s Tax Update – Court Rules NVTA Taxing Powers Unconstitutional

Today, the Virginia Supreme Court ruled unconstitutional the taxing powers given to the Northern Virginia Transportation Authority (NVTA). This gives serious doubt as to whether the Grantor’s Tax will remain in effect. The Grantor’s Tax was increased by 500% beginning January 1, 2008 as part of the NVTA’s plan.

Governor Tim Kaine and the Virginia General Assembly originally empowered the NVTA to collect specific taxes in Northern Virginia to spend on transportation improvements in the region. Part of these taxes included the "Grantor’s Tax" paid by home owners when selling their homes.

The NVTA went to an Arlington court to confirm its authority to sell bonds against the increased tax revenue that would be collected. Loudoun County immediately jumped in to oppose the NVTA.

The case then made its way up to the Virginia Supreme Court, which heard arguments on January 8, 2008 and ruled on it today.

Those who settled between January 1, 2008 and today can contact the NVTA to request a refund on their Grantor’s Tax.

For the actual VA Supreme Court ruling, click here.

UPDATE: If you sold your home after December 31, 2007 and paid the higher Grantor’s Tax rate ($5 per $1000), you may request a refund. For more information on how to do so, click here.

Partial Source: Loudoun Easterner