Assessments Reflect Down Real Estate Market

By Tim Richardson

Thursday, January 31, 2008

Property assessments for 2008 reflect the down residential real estate market in Loudoun County.

Residential property assessments countywide decreased an average of more than 8 percent from the previous year, according to numbers released Thursday by the Office of the County Assessor.

Sale prices of existing homes in Loudoun County were down, which is consistent with trends throughout Northern Virginia. Although commercial values increased more than 9 percent, the value of residential properties declined throughout the county.

The steepest drop was in the Sterling district, where residential assessments were down more than 16 percent. Properties in western Loudoun fared the best, on average, dropping about 6 percent in the Blue Ridge and Catoctin districts.

The county's portfolio of all real estate, including residential and commercial, held steady at just more than $68 billion, although Thursday's figures show commercial properties now make up a greater percentage of the total, county assessor Todd Kaufman said.

While residential property decreased in value by about $3.8 billion, new construction and increased valuation of commercial property made up the difference, Kaufman said.

The Office of the County Assessor will mail assessments to homeowners Friday or the beginning of next week. Information about how to appeal an assessment is included in the mailing.

The Board of Supervisors will set the property rate after a public hearing and a series of work sessions.

"It is important to understand that assessments are not influenced by the budget or tax rate. Assessments are market driven," Kaufman said. "The creation of the budget and the setting of the tax rate are independent from the assessment process."

The assessments reflect the county assessor's opinion of a property's market value as of Jan. 1.

More information is available on the Office of the County Assessor Web site.

Tagged: housing development, housing market, real estate

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