Broadlands property values

Does anyone know for certain whether Loudoun taxes at true market value or some lower amount (assessed value) and how do you challenge the assessment when it is obvious that some people are being assessed LOWER than their market value (as noted on this thread - lower than the amount they actually paid for the house) but others are at or above market value?

From the Loudoun.gov Website:

"Real Property Assessments (Fair Market Valuations)
Real estate in Virginia is assessed at 100 percent of its fair market value. Real property tax bills are based on the real property assessment and the real property tax rate, which is set annually by the Board of Supervisors. Questions about real property assessments or fair market valuations should be directed to the Office of the Assessor. "

 

It's pretty clear that the assessment process in LC has become a joke. Probably because they don't have the resources to deal with it. To have such wild variations in values of comprable properties in this neighborhood alone proves it. Unless you've purchased your property recently, it's still valued far below market. It takes a real estate transaction to trigger a huge jump in value. It would be far simpler (and fairer) to increase everyone's assessment by a more uniform (and smaller) percentage.

 

That is just plain wrong. Our neighbor's house sold on Dec. 15, presumably to a willing buyer at fair market value. However, according to the Loudoun website, the assessed value of that property is about 15% less than the December purchase price. Wow! 15% depreciation in two months!! Now there's a story for Washington Post! The county is kidding themselves if they think their assessments are the true FMV.

 

The county will always assess a home at less than fair market value- they actually shouldn't even be calling it "fair market value" because the county cannot judge what fair market value actually is- only what a buyer is willing to pay determines market value. That being said, they wouldn't dare assess a home at or over "fair market value" lest they would be inundated with angry homeowners- they don't want to go there. But that doesn't change the fact that their system of assessments is arbitrary and capricious.

 

Fido- check the county website - you are looking for the section called Board of Equalization. There is a form to download, they want examples of your claim and then they want you to get it notarized (not sure what the reason for this is - except it makes it harder on citizens) Has to be in to them by June 1st I think.

 

I believe that the first step in appealing your assessment starts with talking to the assessor him(or her)self. My assessment included instructions on contacting them to discuss the assessment, but it had to be done by 3/15-I think you call and leave a message and they get back with you. Then, if you lose at that level you can take your case to the Board of Equalization.

 

I so hope you are right

 

It looks like even Fairfax County is getting a steep cut in their property tax rate: http://www.washingtonpost.com/wp-dyn/articles/A60243-2005Feb28.html

10 cents sure beats our puny 3.5 cents! And correct me if I'm wrong, but I believe that Fairfax County is largely Democratic.

I could have sworn that in my Politics 101 class I was taught that Republicans generally favor low taxes and spending and Democrats favor higher taxes and spending. Comparing Loudoun and Fairfax counties, however, I must have clearly remembered this incorrectly. (Note the sarcasm.)

 

At the local level, party affiliation usually means very little. It's more about, "what have you done me for lately?" or "what can you do for me?" Just look at Virginia -- Historically a Republican state in federal elections, but with a Democrat governor. Look at Rudy Guiliani in NYC, a Republican mayor voted in by a super-majority of Democrat residents. It gets even more watered down at the county level. Those that vote purely on party lines in local elections are ignorant and should evaluate the candidate instead.

 

It took a few weeks for all of this to hit home... but a 27% increase is out of control. Maybe it is me... but it seems like everything keeps going up around here, except for salaries!!

HOA fees up
Washington Gas up
Greedway/Toll Road up
Gas up
Property tax up
Interest rates up

I'd like to know when the salaries are going to go up to match other Metropolitan cities with the same cost of living.

 

Now you know why alot of people moved out of areas closer to DC. Trouble is, now they're forcing up prices here. Our assessments are reflecting what the builders are asking, and people are shelling out for.

FWIW ... if a Realtor tells you that you qualify for a 800K house, nothing says you have to buy one !! Unfortunately, alot of young couples take that to the bank, buy a huge house, start to raise a family, then realise that they need that extra income that the mom used to bring in.



Neil Z.
Resident since 1999

 

I agree 130%, but you forgot to add in (at least in my case):

Hazard insurance up 130% in 5 years - market adjusted
Auto insurance up 90% in 5 years - market adjusted
Health insurance up 400% in 4 years - market adjusted
Personal Property tax has NOT gone away!
Real Estate tax up 120% in 5 years.
Salary increases over the last 4 years:
3.3%, 3.1%, 0%, 1.5%

For some reason, it doesnt add up. My expendable income has been entirely eliminated in 5 years time. This is even after I have refinanced my home two times.

DwArFlOrD

 

In our case as well.

Any suggestions by anyone?

 

North Carolina is looking mighty cheap these days lol.