Living in LoCo
County Assessor: Blog Post is Misleading
LoudounExtra.com staff at 12:52 p.m., December 31, 2007 (15 comments)
From Living in LoCo correspondent Erica Garman:
Some feathers have been ruffled at the county assessor's office over a local real estate blog post.
On Dec. 12, Danilo Bogdanovic and Tony Arko who write real/diablog, posted an entry discussing discrepancies between 2007 assessed home values and current market values in Loudoun.
In their post, Bogdanovic and Arko, both area real estate agents, claim that the 2007 home assessments in Loudoun are significantly higher than current market values -- insinuating that unless the 2008 assessments drop significantly, residents in some parts of the county could be paying up to 30 percent more in taxes than required by law.
County assessor Todd Kaufman contacted the bloggers' broker asking for the removal of the post. In a Dec. 29 e-mail to Bogdanovic (which is posted on the blog), Kaufman described the bloggers' post as misleading, erroneous, and therefore a violation of the Realtor code of ethics and standards of professional practices.
In an e-mail to Bogdanovic's and Arko's broker, Lisa Jalufka, Kaufman wrote that he plans to file a complaint with the National Association of Realtors if the blog content is not removed.
Bogdanovic and Arko defend their right to the post as a matter of free speech. Arko said, “We want the homeowners to be armed with accurate information.”
Information regarding the Loudoun County real estate assessment process can be found at www.loudoun.gov/assessor.
Real estate in 2008 will be assessed, as required by law, on Jan. 1, and will be mailed to property owners in early February. What do you expect to see on your tax bill?
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wow. as a Loudoun home owner, this is really distressing- to think that our home value MAY be inflated to line someone's pockets, OR that someone is telling a lie to further their own agenda, which would be... what? what would they gain from lying? who stands to gain on either side based on which information you trust?
I'm confused- PLEASE someone- with nothing to gain either way- chime in with some educated insight!!
Posted by tttrenee (anonymous) on December 31, 2007 at 2:56 p.m. (Suggest removal)
Does it matter? Even if they lowered the property assessed values, the tax rate would just be raised to compensate for it. Do you really think that spending would be...or even could be...significantly cut in Loudoun County?
Posted by hphokie (anonymous) on December 31, 2007 at 5:57 p.m. (Suggest removal)
My real estate assessment is about 10% inflated and has been every year since I moved here in 2000. Every year I appeal with tons of documentation in vain, and my appeal is denied every year. So, the assessment really means nothing in this county. They just want my $$ to fund necessary programs like Mandarin Chinese in the schools, for the benefit of the 20 or so students per year at a cost of $285,000 or so if I remember correctly. Or, even better, Drug Court, for the benefit of 10 or so long time criminal offenders for a cost that climbs every year as the federal grants expire-I think the latest is in the $250,000 per year range, but due to increase yearly.
No pork here!
Posted by qazwsxedcrfv (anonymous) on December 31, 2007 at 9:37 p.m. (Suggest removal)
If the 2007 home assessments were done as of Jan 1, 2007, then of course the "current market values" are going to be lower. How is that "accurate information" to buyers? Realtor blogs have an agenda - to get new business. On another note, the County needs to take control of spending so they don't need to raise the tax rate to supplement the drop in assessments. Start with the school budget.
Posted by kpfwriter (anonymous) on January 1, 2008 at 3:32 p.m. (Suggest removal)
the county finds my house at a value that is roughly 20% higher than what the bank does...making refinancing interesting :) i'm sure there is a challenge provision - i'm researching it now. http://ashburnguy.blogspot.com
Posted by ashburnguy (anonymous) on January 1, 2008 at 5:27 p.m. (Suggest removal)
It doesn't matter what the assessment is. The county needs X number of dollars for the budget and the BOS adjusts the tax rate to achieve that figure. Assessments down, rate goes up. This is the way it works in places where the budget is funded so heavily from property taxes. Compare to Montgomery County, MD where property tax increases are controlled (homes not assessed every year and assessment increases capped) because they also have an income tax, which is fairer. The more money you make, the more taxes you pay. With property taxes, the current value of your home doesn't necessarily correlate to your income and ability to pay higher taxes.
Posted by jt12 (anonymous) on January 2, 2008 at 10:48 a.m. (Suggest removal)
Translation: The County Assessor is hoping to squelch an all-out mutiny, as they are attempting to fleece homeowners for yet another year.
My assessment was 116k higher than the offers I was getting while on the market.
Wonder if they'll throw me a crumb and reduce it 10k, now that the value has dropped another 50k (or more)?
I'm not holding my breath ...
Posted by OhTheHumanity (anonymous) on January 3, 2008 at 11:40 a.m. (Suggest removal)
jt12 has it right. In addition, when will everyone remember that an assessment is different than an appraisal?
Posted by teden (anonymous) on January 4, 2008 at 7:10 a.m. (Suggest removal)
Is there any legal recourse? I know that in Virginia, the assessors are required by law to assess at 100% of fair market value. But when they determine "fair market value" at 10% or more than true, actual market value, is there anything a homeowner can do? I know there is an appeals process-good luck there. But can there be a class action lawsuit against the county for overcharging the assessments? It seems like Loudoun does this across the board.
Posted by qazwsxedcrfv (anonymous) on January 4, 2008 at 8:53 a.m. (Suggest removal)
You can challenge heh-heh...
I always thought the assessments were based on actual sales data for the previous year. As a result, in a market where prices are dropping, your appraisal/fair market value will be lower than assessment simply because you are on the leading edge of the curve. In the market we were enjoying, fair market was going up faster than new sales data could be collected by the assessor, hence they were *behind* the curve.
BTW it's not just Loudoun, it's state law in VA. My brother-in-law says Henrico does the exact same thing in Richmond. The only difference is that their sales data is older. Can you imagine using 2006 sales data for a 2008 assessment in this market? We'd all be going nutso.
Posted by teden (anonymous) on January 4, 2008 at 3:55 p.m. (Suggest removal)
"Can you imagine using 2006 sales data for a 2008 assessment in this market? We'd all be going nutso"
Get ready, dude ... Your assessment will likely be based similarly
Posted by OhTheHumanity (anonymous) on January 5, 2008 at 5:11 a.m. (Suggest removal)
It seems unreasonable that a property listed for sale for over $4,800,000.00 is taxed on about $957,000(231 S. St. Paul Street, Hamilton, 147 acres)with an assessed fair market value of $2,339,400 million, paying around $9,000 annually in taxes. The additional tax breaks afforded to the wealthy landowners via state easements is a hoodwinking at best. Who is paying the taxes on the land in the Waterford historic district that seems to be enjoyed exclusively by property owners putting up fences and other obstacles in the VDOT right-of-way? Who is paying taxes on Supervisor Burton's Mercer House wall? He says he does not own it so he does not have to fix it. The double standards need to be removed and issues raised about tax-less land, and egregious discrepancies, enjoyed by private homeowners is in need of a sweeping review, even if it involves a seated supervisor.
Posted by huntermadison2002 (anonymous) on January 6, 2008 at 4:57 p.m. (Suggest removal)
That's outrageous. I pay about $9k per year in taxes and my house isn't even worth 1/6th of the value of the 231 S. St. Paul Street home!!
Posted by OhTheHumanity (anonymous) on January 7, 2008 at 7:47 a.m. (Suggest removal)
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