Loudoun County Assessments are in...and guess what:

[acroyear]

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...

Comments

Um, actually?

[dorei.livejournal.com]

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.

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?

[acroyear70.livejournal.com]

the assessments are supposed to undervalue, its how the system protects itself from a bursting out of any real estate bubble like that of the late 80s. closing the gap is actually putting the states at more risk...

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?

[dorei.livejournal.com]

Well, you can always contest it. Come up with reasons why your assessment is too high and submit it.