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Loudoun real property values reach near pre-recession assessments

The value of the county’s taxable real property increased by $4.8 billion for 2018, with residential homes holding steady as Loudoun’s biggest money maker, according to a presentation by the Office of the Commissioner of the Revenue.

“This may be the first time that those values exceed 2006 pre-recession peak values,” said Jim White, deputy commissioner with the office’s real estate division.

The average value of a home in 2006 was $526,100; this year it reached $520,234.

The report, given to supervisors on Tuesday, came as no surprise to the board as they already anticipated beginning fiscal 2019 budget discussions next week at an equalized tax rate of $1.09 per $100 of assessed value. The rate is a 3.5-cent reduction from the current rate of $1.125.

Residential homes account for 66.9 percent of the county’s $77.7 billion taxable real property, and construction shows no signs of slowing down as its eastern districts continue to build out. New construction accounted for $1.9 billion of the county’s overall taxable real property, while growth contributed $4.24 million.

Single-family homes accounted for $637.4 million in new construction, a 24 percent increase from last year, while townhomes added $384.1 million and condos contributed $175.7 million, 16 percent and 53 percent increases, respectively.

Broken down by district, Loudoun’s Broad Run saw the largest increase in property values at 9.45 percent or $16 million, followed by Blue Ridge at 8.79 percent or about $15 million. Broad Run, home to “Data Center Alley,” is the only district where its commercial real estate tax base was larger than its residential at $8.2 billion compared to $6.3 billion.

Data center activity was assessed at around $3 billion, a $793 million increase from last year. Overall, commercial property values for 2018 increased by 6 percent or $15.5 billion.

Residents should expect to receive their property value assessments this week and can be viewed online at http://www.Loudoun.gov/parceldatabase.

Comments


The scandal is that we are still paying over $1.00 in our real estate tax rate.  LCPS has a $40M+ surplus every year.  Loudoun County Gov’t has an $80-100M surplus every year.  Simply reducing these slush funds could easily bring us under $1 (to $0.99 for sure) THIS year.

But we have a bunch of RINOs in Matt Letourneau, Ralph Buona and others who like having a slush fund to give out favors at the end of the year.  If LoCo Gov’t got a $1B windfall, they still wouldn’t give it back to the taxpayers as the politicians believe all these taxes are theirs to curry favor with gov’t handouts.


The real story is our enormous property tax rate. New commercial development has brought in loads of tax revenue. Rather than giving it back to the taxpayers (cutting the tax rate to $0.99 or giving some back to business), many RINOs on this BOS have joined the Dems in massive spending and intentional slush funds. They shower it on LCPS (but somehow LCPS still doesn’t have textbooks while teacher receive repeated 7-9% raises) while leaving county staff and sheriff deputies underpaid.

That is the real scandal.


27th year in a row for me paying higher property taxes. Nothing has really changed. We still give blank checks to LCPS and give big tax breaks to a select few businesses. And allow developers to build almost twice as many homes as was initially approved. The tax rate should be under $1.00


You are mistaken Liked Trump.  Data Centers fall under the county budget revenue name of ‘computer equipment’, which has poured $154 million of revenue into the county treasury. With total revenue being $1.3/Billion, data centers make up nearly 12% of the revenue stream. When you get a chance, go read page E-2 in the FY2018 budget.


“FY 2018 presents a better economic picture than FY 2017; the economic situation in which the County is operating has been influenced by a number of variables. Loudoun’s economic development efforts have contributed to a thriving data center market. Personal property tax on computer equipment, mostly attributed to Loudoun’s data centers, exceeds $154 million for FY 2018, an increase of 15 percent year over year. While Loudoun is still the world’s largest and fastest growing data center market, we are also focusing our attention on economic diversity in our wide range of business clusters that include aviation, aerospace, health information technology, pharma, cyber security, logistics, and retail.”


2018 - $540k at $1.09 vs 2017 $519k at $1.125 I still pay slightly more.


Hope you data center enthusiasts notice that those giant energy-suck, neighborhood-blighting eyesores bring in only 3% of the the county’s revenue.

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