Real Estate Assessments for 2006

And no prop 13 around here and our Barbara wants to even make this worse with even more homes. Jim hits it again, until commercial kicks in big time we will all be driven from our homes soon and a sign will have to go up multi millioniares only can live here if you are not one don't bother to even look at buying a home in Loudoun. This is why I keep saying these large urban centers are critical to the growth of loudoun before we are all priced out of here.
High taxes will also drive business away because they won't be able to get anyone to live here. That has already happened with the deck company Trex, their people did not want to move here.
Lee J Buividas

 

Rock on, guys. Re the "go vote":

http://www.leesburg2day.com/current.cfm?catid=31&newsid=11613

Norm Styer is an honest man.

Who apparently gets ticked when his paper is used out of context.

Barbara Munsey, from South Riding.

 

My Barb, getting a little edgy, you really don't need to be rude and cross post. You've been here long enough to behave. Frankly, I am surprised your post isn't about the PECers.

 

I thought you weren't "taking the bait"? All I'm doing is asking a question. A valid one, too. I posted both places because I hoped you'd answer.

Apparently not.

(Who's edgy?)

Barbara Munsey, from South Riding.

 

OK .. lets keep the politics in the other topic!!



Neil Z.
Resident since 1999

 

will do neil

Barbara Munsey, from South Riding.

 

It's not the realtors who tell people they can afford more then they really can so let's stop blaming them...it's the banks/lenders!

 

I've dealt with quite a few realtors, they usually do a quick write up to 'let you know what you can afford' . I'm not saying the banks don't do it either, but very rarely are you dealing with a bank when you're buying a new home from a builder. Their reps, do the 'quick write up' thing, and then they're willing to pass you on to the developer's favorite Mortgage Broker, usually an 'in-house', fully owned, subsidiary; who bascially say the same thing.

And of course, they can afford it... at the time. There may be two incomes, but then the family is down to one income for whatever reason, and there's the problem. The home they afforded easily, is now not so easy to afford. Or the home they barely qualified for, at $1800 a month, now has payments of $2100 due to the higher assesments.





Neil Z.
Resident since 1999

 

Yeah! When we bought our home(s) we always made sure to let the realtor tell us what we could afford. I mean, gee whiz, who knew our finances better than they did!

 

taxes are a big balloon animal. Squeeze in one area and another just pops out. the amount of air in the animal (what they actually get from us) does not go down. We know it always goes up, no matter how they rationalize it.

 

I think that big balloon animal looks a little like pork.

 

I agree ... I always blew that stuff off, and told them what I was looking for, and knew in advance what our cutoff was.

However, for many first time buyers, they really do not realize what can happen in just a few years. I would not be surprised that we hear of a few repo's down the road a piece.

FWIW ... we have quite a few people who can't keep up on their HOA dues, let alone suffer a large tax increase.



Neil Z.
Resident since 1999

 

If our assessment goes up 28% then our house will assess for more than it would sell for- yikes!! That would be $150,000- the most ever- and that in a year when real estate prices did not keep pace with that big of an increase. Market value on our house has MAYBE increased $30,000 over the last year. Total insanity- it is enough to make you move elsewhere!

Becky

 

The Code of Virginia requires that reassessments be made at 100 percent of fair market value. If you think your assessment is higher than fair market value I'd ask for a review.

 

Whats fair market value in a market like ours???? Homes more then likely will see decreases this year from the fantasy prices a few got last year. I think we need something like California's prop 13.

Lee J Buividas

 

Check this out: http://money.cnn.com/2006/01/30/pf/real_wage_growth_slow/index.htm?cnn=yes

Loudoun county has experienced one of the largest "Real wage" (inflation-adjusted wage) declines in the country over the last 2 years. (The quickest way to find Loudoun is to sort by "Real Change" and start from the bottom.)

I would imagine that the increase in property taxes is a large factor driving the decline.

 

Wow that is an eye opener. And makes the point things are not as rosey in paradise here as one might think.

Lee J Buividas

 

I don't know if any of you saw or heard this, but Centex here in Loudoun and DC area last Sat. was offering up to 100,000 off their homes. Made national news this morning on one of the cable news stations. What I heard from one of my builder buddies even at that kind of discount there was no big rush to buy and they refused to say how many sold at that discount if any.

Lee J Buividas