Broadlands property values

Interesting article on washingtonpost.com:
http://www.washingtonpost.com/wp-dyn/articles/A52596-2005Jan31.html

Good news if you are already a homeowner in Broadlands (or anywhere else in the region, for that matter).
Bad news if you are not.

The article says that that home values in Broadlands have risen 49% in the last year. It also says that Loudoun has released its property assessments. I haven't seen mine, but I shudder to think about what my new property tax will be. [:0]

 

I read that, on average, Loudoun assessments will 20% higher for 2005. Obviously, there will be some higher and some lower than 20%. I just hope our house is average for this purpose.

 

Very interesting article! Just for fun... What are people's personal opinions about this kind of increase? Do you believe it is justified or on the border of being a "bubble"?

 

You'll find the answer in chapter one of your old college textbook titled "Economics 101".

 

You'll find the answer in chapter one of your old college textbook titled "Economics 101".


As an art major I didn't take Economics; in fact, quite the opposite!kat

 

I say the market is not a bubble considering the economy of the area although, I believe we can't possibly hope to see the same rate of appreciation. My hunch is if intrest rates rise we will see a stop to the prices rising for a quite a while.

lyo

 

Depends on how you look at it. Since I dont plan on selling for years to come, Id rather have the values JUMP up right before I sell as opposed to jumping up right now so that I get the "Privelege" to have my Real Estate Taxes jump up 20% a year AGAIN! When I moved here in 2000, I was paying $250/mo in RE Tax. Now Im paying over $550/mo in RE Tax. Im not sure I can sustain these kinds of taxes with the economy the way it is. Dont even get me started on Healthcare costs, Natural Gas for heating and fuel for vehicles..... Income growth is just not here anymore to sustain this amount of tax hikes. Anyone else feeling the pinch as I am?

DwArFlOrD

 

Yup - these RE taxes are horrible!!!! We've lived in Loudoun Cty. since 1988 - just can't believe how high they have risen. In addition to everything else going up and getting a 3 or 4% raise once a year just doesn't cut it. It's sad to for young people trying to buy a place of their own. My son is a recent college graduate - has a good paying job - but can't afford the high housing prices around here.

 

OK, what I should have (and almost did) post was that the property value increase is good if you are selling, but bad if you are not.

I have a question for all the would-be Loudoun politicos out there (you know who you are). This county is the "fastest growing in the nation." I understand that this will require increased resources to pay for increased fire, police, education, etc. services, but how come the increased population/tax base cannot provide this revenue? I don't understand why there is a "shortfall" that requires an annual county-wide property tax increase of 20% (and I understand, that, technically, the property taxe rate is not being raised by 20%, but when our assessments go up 20% without a corresponding decrease in tax rate we are looking at an effective tax increase).

Can anyone explain this?

How in the world can a republican-dominated BOS justify increasing our taxes by such a large % year after year?

 

The anti-growth attitude of the previous BOS was extremely anti-business also. Most of the tax revenue in Loudoun comes from you and me through RE taxes. Businesses are starting to find a friendlier atmosphere so the business tax base should start to become a greater percentage of the total revenue. And, "the increased population/tax base" doesn't translate to increased revenue- not all homeowners "pull their own weight". If you have 3 kids in school and live in a property that only generates $5,000./yr in tax revenue, that's actually about a $19,000. shortfall to the County. If you are waiting with baited breath for the hammer to drop, it should be any day now: http://inter1.loudoun.gov/webpdbs/default.htm

 

Looks like Loudoun is proposing about a 3% reduction in the tax rate (3.75 cents):
http://www.washingtonpost.com/wp-dyn/articles/A27450-2005Feb15.html

That's swell. So, assuming our property assessments increase by the 20% county average (they could actually be higher), our property taxes will only</u> increase by about 17% this year...

[}]

 

If you haven't received your new 2005 assessment yet -
I noticed they are now available on the county website
in the parcel data area.

www.loudoun.gov

 

Ouch. My assessment has gone up nearly 29% over last year's. Even if the tax rate is reduced 3.5 cents (per the Post), my taxes will increase about 25%.

 

#$@%!!!! 35% increase!!! #$@%!!!!

 

May the County Administration building's hallways be paved with gold.

 

Amen.

 

Four million towards a 1.23 billion dollar budget is a spit in the ocean.

 

my townhouse went from 268k to 344k... that's insane.. anyone else jump that much?

 

My house had a 31% increase!

 

Supply and demand plus buyers have high income. I bought my current TH cause I knew I would make $100k in 1 year. So far it looks like I've done that in 7 months. Same house on the market for $100k more than what I paid. Looking to cash out in about 1.5 years from now.

-Teak