Analysis Shows Arlington County Assessments are Fair
We just completed analyzing 41 residential properties (20 single-family and 21 condominiums and/or townhouses) selected at random, and it shows there is virtually no difference between assessments of the two classes of residential real estate. For each property, an “assessment-sales ratio” was computed, which parallels the methodology used by Virginia’s Department of Taxation for their annual, statewide assessment-ratio study. We did the analysis to determine if there was any differences between the two classes since it is generally much easier to identify comparable properties for condominiums and townhouses than it is for single-family homes.
For the 20 single-family properties, the assessment-sales ratio was 91.7% while the ratio for the 21 condominiums and/or townhouses was 91.8%. A property’s assessment is important because it represents one of the two factors used to compute real estate property taxes. The other factor, the tax rate, is set by the County Board based upon the tax revenues they need to pay for their spending.
Congratulations to Arlington’s Department of Real Estate Assessments. To look up comparables for your neighborhood, visit the DREA website.