Fairfax County Real Estate Tax Assessments Are In! (Arlington, Reston: sales, how much)

[michgc]

How much did yours go up or down? Mine went down about 5% here in Vienna.

[hilsmom]

just as a point of reference, real estate assessments lag the market by up to 18 months. They are not based on up-to-the-minute sales prices.

[Caladium]

Originally Posted by michgc

How much did yours go up or down? Mine went down about 5% here in Vienna.

Wow, congrats!!! I hope we're as lucky!

[michgc]

The website shows what neighborhood real estate sales the assessment it is based on. For my house, all of the sales are from 2010 with the majority of them being June or later so I don't think the lag is that great.

Generally, here in Vienna sales prices are about 10% to 20% above the Fairfax County assessments.

Originally Posted by hilsmom

just as a point of reference, real estate assessments lag the market by up to 18 months. They are not based on up-to-the-minute sales prices.

[ICS67]

Originally Posted by michgc

How much did yours go up or down? Mine went down about 5% here in Vienna.

Mine went up by about 5 percent in Reston. Don't know if I should or !

[hilsmom]

Originally Posted by michgc

The website shows what neighborhood real estate sales the assessment it is based on. For my house, all of the sales are from 2010 with the majority of them being June or later so I don't think the lag is that great.

Generally, here in Vienna sales prices are about 10% to 20% above the Fairfax County assessments.

oh, that's good. I worked for Arlington County in the early part of the boom. Maybe they have updated the formula a little - or Fairfax did it slightly different all along.

[khuntrevor]

down 7.5% in Sterling, up 3% in Manassas (City).

[JD984]

Originally Posted by michgc

Generally, here in Vienna sales prices are about 10% to 20% above the Fairfax County assessments.

Many Vienna assessments for 2011 are 10-20% higher than for 2010. That includes some neighborhoods in both the Town of Vienna and the 22182 zip code in unincorporated Fairfax County. The assessments in the 22181 zip code further west don't seem to have gone up nearly as much. I see some areas in 22181 that were basically flat and others where the assessments went up around 5%.

In general, the assessments for houses in our part of McLean seem to have increased around 8-10%. If you're planning on staying put, a 5% decrease is more than welcome.

[khuntrevor]

My understanding was it was based on their fair market value as of January 1, so people who bought in December were paying 10-20% over assessment, but now the assessment is much closer to what they paid.

[alibaba1579]

Mine went up about 9% here in Fairfax. Boo.