Printer-Friendly
Email this Story
Post a Comment (3)
Loudoun assessor forecasting large drop in home values in 2009
Residential real estate property assessments in Loudoun are heading toward double-digit declines in 2009, with some homes in eastern Loudoun expected to see their values cut in half. Countywide, suburban-area home assessments are trending about 11 percent below 2008 assessments, according to a forecast by the county assessor's office, with the steepest drops occurring in the Sterling District, which includes Sterling Park.
Single-family homes on parcels of less than 1 acre in Sterling are being assessed on average 25 percent below the previous assessment, while townhouses are down 36 percent and condominiums are down nearly 57 percent. The assessed value of a condo in Sterling is averaging $102,957.
Also seeing big declines are homes in Sugarland Run, with single-family homes, townhouses and condos experiencing declines between 15 percent and 20 percent; Potomac (including Cascades and CountrySide), which is seeing declines between 12 percent and 20 percent; and Leesburg, which is seeing declines between 16 percent and 28 percent, depending on the type of home.
Meanwhile, values in the Dulles District, which includes communities in the southeast corner of the county, are seeing the smallest drop in values, with 2009 assessments trending about 2 percent to 8 percent below 2008.
Homeowners' tax bills are calculated using the county's assessed value -- driven largely by sale prices -- and the real estate tax rate set by the Board of Supervisors in early spring. The current rate is $1.14 of every $100 of a home's assessed value.
County Assessor Todd Kaufman stressed these are not final numbers and that changes could occur before Jan. 1, when all assessments must be complete. He said assessments could fall even farther, especially for homes in the county's suburban areas.
"They are not going to get better on what is occurring in the economy," he told supervisors Oct. 22.
Regarding Loudoun's larger rural properties, assessments are mixed. For properties between 20 and 99 acres, assessments are down about 1.5 percent, while properties of more than 99 acres are up almost 2 percent.
Also heading up in 2009 are commercial assessments, which, according to the assessor's office, are ahead 2.8 percent, and apartment buildings, which are up about 8 percent.
All told, the value of Loudoun's portfolio of real estate is forecast to be $62.7 billion in 2009, down about $4.2 billion from 2008.
Assessment notices will be mailed to property owners early next year.
Contact the reporter at jjacks@timespapers.com
So what if assessments go down. The BoS's are simply going to raise the rate to offset the loss. Do not expect to pay anything less as they attempt to spread the wealth around.
Posted by BTO
Report Offensive Content
How interesting that the article failed to include any reason(s) for the dramatic decline in home values. Those reasons are probably politically incorrect.
Posted by segeny
Report Offensive Content
I would expect an increase in my property tax rate-- it is up to the citizens of our county to determine which programs are valued and which should be eliminated. I have my list of wasteful programs, I'm sure others do too. Let your Supervisors know those programs you support. It has never been more necessary to be involved politically than now. We need to work together to resolve these problems-- and NEVER forget what allowed us to get here in the first place.
Never forget rampant greed by builders and lenders caused this problem, facilitated by power hungry politicians who received significant campaign contributions. Double digit RE appreciation hasn't ever been sustainable, never will be. You can only get those appreciation rates when you artificially inflate demand (read that allow unqualified buyers to purchase homes they can't afford with teaser rates). We need to make the best of this bad situation-- start by participating in local government.
Posted by 4truth
Report Offensive Content
You must be logged in to post a comment.