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Loudoun County Assessments are in...and guess what:
remember how a few months back I blogged here: ... with the tax increase from the states, caused by them doing annual property reassesments, continually increasing the "value" of our land (and thus the tax they collect), asssessments which used to only be done every 3 or 4 years, and we're definitely paying more per year than we were 3 years ago, with fewer services than before, and increasing that pay every year to the point that it may outpace the standard-of-living raises we get.
Well, its technically the county doing it, though the state gets the larger chunk of the change. Its their way of raising our taxes withour "raising our taxes". And they did it again, in a BIG way, like almost 25% bigger.
The assessment for our house at purchase time, with the asking price $274K and the final price $277K, was land 59k, building 119k, for a total of 178k. The county's tax assessment for 2002 was 75+143= $218k. (land + house = total) The county's tax assessment for 2003 was 90 + 142 (land up 15k, house down 300) = $232,600 which seemed reasonable at the time.
This year's assessment: Land $112,400 (up $22,500), House $170,200 (up where last year was down, by $30,000), for a total of $282,600. An increase of precisely $50,000.
Now I have problems with this.
1. Its an increase in the value of the house by almost 25%, and I *know* there's no way this house would sell for 25% more than what we paid for it in March of 2002.
2. That the figure is exactly $50,000 makes me seriously think that was not an arbitrary, random luck of the draw, value. The conspiracist in me thinks that figure HAD to be planned that way.
I'm thinking class-action lawsuit may be in order? I'm gonna go talk to the neighbors for a minute.
well, maybe not now, as dinner's almost ready.
Still, at the very least I have to give the mortgage company a call becuase I know there's no way in hell the escrow account is going to be able to cover a 25% tax increase...
Well, its technically the county doing it, though the state gets the larger chunk of the change. Its their way of raising our taxes withour "raising our taxes". And they did it again, in a BIG way, like almost 25% bigger.
The assessment for our house at purchase time, with the asking price $274K and the final price $277K, was land 59k, building 119k, for a total of 178k. The county's tax assessment for 2002 was 75+143= $218k. (land + house = total) The county's tax assessment for 2003 was 90 + 142 (land up 15k, house down 300) = $232,600 which seemed reasonable at the time.
This year's assessment: Land $112,400 (up $22,500), House $170,200 (up where last year was down, by $30,000), for a total of $282,600. An increase of precisely $50,000.
Now I have problems with this.
1. Its an increase in the value of the house by almost 25%, and I *know* there's no way this house would sell for 25% more than what we paid for it in March of 2002.
2. That the figure is exactly $50,000 makes me seriously think that was not an arbitrary, random luck of the draw, value. The conspiracist in me thinks that figure HAD to be planned that way.
I'm thinking class-action lawsuit may be in order? I'm gonna go talk to the neighbors for a minute.
well, maybe not now, as dinner's almost ready.
Still, at the very least I have to give the mortgage company a call becuase I know there's no way in hell the escrow account is going to be able to cover a 25% tax increase...
Um, actually?
That's where you'd be wrong, sadly. My townhouse would sell for $267k right about now. At least, that's what the one around the corner sold for just about two weeks ago.
As for your neighborhood? There's a house in your subdivision that's under contract, three bedroom, two bath split level, just like yours? It's being sold for $325k. So those assessments, while depressing in a way, are pretty darned accurate, if not undervaluing.
Re: Um, actually?
and even with this increase, they'll still find a way to not balance a budget without cutting into schools and roads again...
Re: Um, actually?
no subject
Right now, on our March 2nd ballot, there is a proposition to change the majority to raise other taxes from a 2/3rds majority to only 55%. I know how I am voting on this, that's for sure!!!
no subject
"To avoid staggering increases in property tax bills, the state puts a 10 percent yearly cap on taxable assessments, except for new homeowners. Those who recently bought residences can be subject to the full increase, albeit spread out over three years."
I cannot find any info about limits to Virginia assessment increase limits. However, here is an article about Loudoun County taxes which discusses the issue. Make sure to read the resident feedback.
no subject
I think our property and house assessment went up a ridiculous amount last year - close to your 50,000. But the taxable amount only went up 5%.
And the scary part is what we paid $245,000 for - a year later was selling for $280,000 and now even more. Especially with the neighborhood across from ours starting at $300,000 and the new development around the corner starting at $500,000. Imazing ain't it?
Re:
I got one of those realtor letters the other day
Luckily, the assessment on mine (since I suppose I dont have the land value todeal with) are not quite as crazy. My escrow is covering it with small adjustments.
Sadly, i think tis just the price of living in this area. Brunswick begins to look more atrtractive. ;)