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Old 02-07-2008, 11:36 AM
 
18 posts, read 67,681 times
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We live in Loudoun County and received our 2008 property value assessments from the county yesterday. Wow! Our property value, according to the government, has dropped almost 10 percent this past year. From 2006 to 2007, our value had stayed the same.

This is actually very interesting since I am positive if we were to sell today, we would fetch a higher price than the assessed value. This may be the first time in a long time that market value of homes in NoVA may actually be higher than assessed value, rather than the other way around. I always thought it was crazy how in this area, the assessed value of homes was higher or about the same as market value.

Anyone else experience similar drops in their properties' assessed value?
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Old 02-07-2008, 11:55 AM
 
69 posts, read 236,909 times
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Quote:
Originally Posted by NUMathGrad View Post
This is actually very interesting since I am positive if we were to sell today, we would fetch a higher price than the assessed value.
What makes you so sure?
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Old 02-07-2008, 12:59 PM
 
49 posts, read 304,571 times
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We live in S. Arlington and our assessment went from 620K in 2007 to 540K in 2008. I think the assessment is about right.
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Old 02-07-2008, 01:08 PM
 
Location: Home is where the heart is
15,400 posts, read 25,836,225 times
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I have to applaud Loudoun for dropping the assessments. In my neighborhood the drop seems to be realistic with what homes will be selling for this year. All of my properties are going through the same thing, but not all of my assessments are dropping. My house in California is completely out of line with reality. LA County almost never drops assessments (they always mutter something about "getting around to it next year". But you can bet they raise them at every opportunity--they want to wring every little tax dollar from you that they can!

Since I'm not selling this year (or next year) I like having lower assessments. Means I pay lower taxes. (Of course, when it's my turn to sell, I'll hope they raise 'em again...) The big question is how the lowered assessments will affect county services. I think Loudoun saw this coming and has enough in reserve to coast through the next year or so. But money will be tight if there's an emergency.
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Old 02-07-2008, 02:23 PM
 
Location: Bettendorf, IA
446 posts, read 1,226,312 times
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Quote:
Originally Posted by normie View Post
I have to applaud Loudoun for dropping the assessments. In my neighborhood the drop seems to be realistic with what homes will be selling for this year. All of my properties are going through the same thing, but not all of my assessments are dropping. My house in California is completely out of line with reality. LA County almost never drops assessments (they always mutter something about "getting around to it next year". But you can bet they raise them at every opportunity--they want to wring every little tax dollar from you that they can!

Since I'm not selling this year (or next year) I like having lower assessments. Means I pay lower taxes. (Of course, when it's my turn to sell, I'll hope they raise 'em again...) The big question is how the lowered assessments will affect county services. I think Loudoun saw this coming and has enough in reserve to coast through the next year or so. But money will be tight if there's an emergency.
My wife and I just bought a townhome in Sterling. The assessed value declined a lot over the last two years, and that was reflected in the property tax statements over that time.

I remember a long time ago when I owned property in Olathe, Kansas my property taxes soared over a two year period. The county assessor's office claimed my place was worth a whole lot more than what the market said it was. I wound up going to a county commissioner to plead my case. I had to show proof my place was worth less than what the county said it was with real estate ads of similar properties. I got my taxes lowered by $400/year.
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Old 02-07-2008, 02:26 PM
 
Location: Bettendorf, IA
446 posts, read 1,226,312 times
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Quote:
Originally Posted by karnovaran View Post
What makes you so sure?
I agree. I can't think of too many, if any places that can actually sell for more than their assessed value. But maybe there are really isolated cases.
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Old 02-07-2008, 03:28 PM
 
18 posts, read 67,681 times
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Quote:
Originally Posted by karnovaran View Post
What makes you so sure?
A realtor, our of the blue, called and said that he had clients express particular interest in our house and even gave us an informal offer ($100,000 over our current assessed value, but still less than what we had paid for it in 2006). The realtor still had pics of the inside in the MLS system from when it was on the market in 2006. Our house is quite different from others in our community so it tends to catch people's attention, although this was definitely unexpected. I guess the buyer was looking in the area and mentioned our address to the realtor as something they'd be interested in, and they thought they'd check with the owner, just in case we were interested in selling.

Of course, this was a couple of months ago, so things may have changed since then!
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Old 02-08-2008, 08:29 AM
 
192 posts, read 194,724 times
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Many Manassas homes would bring considerably less than their 2007 assessments. 2008 are suppose to be down by an average of 19%.
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Old 02-08-2008, 08:36 AM
 
Location: Gainesville, VA
566 posts, read 2,757,668 times
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Quote:
Originally Posted by NUMathGrad View Post
A realtor, our of the blue, called and said that he had clients express particular interest in our house and even gave us an informal offer ($100,000 over our current assessed value, but still less than what we had paid for it in 2006). The realtor still had pics of the inside in the MLS system from when it was on the market in 2006. Our house is quite different from others in our community so it tends to catch people's attention, although this was definitely unexpected. I guess the buyer was looking in the area and mentioned our address to the realtor as something they'd be interested in, and they thought they'd check with the owner, just in case we were interested in selling.

Of course, this was a couple of months ago, so things may have changed since then!
Sounds more like an old marketing trick to try and pick up listings to me...
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Old 02-08-2008, 10:41 AM
 
192 posts, read 194,724 times
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I agree David--I've heard this before, "we have buyers, who want your house." Do you really think that they would be wasting time if they had a "live one," with thousands of homes on the market right now.
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