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Real Estate Assessments: Commercial Up, Residential Flat

The bottom line, according to numbers in a PowerPoint presentation for county commission chairs, is that real estate assessments for commercial property increased 12.0%, for apartments 12.9%, for condominiums 2.7% and for single family homes, overall assessments actually decreased 0.9%.

The PowerPoint presentation also showed that from calendar year 2001 to 2008, single family residences increased 145% in value, condominiums increased 257%, apartments 170%, and commercial 88%.

While overall assessments decreased for single family homes from 2007 to 2008, 11.0% of homes increased in value since last year, according to the press release.

The online Arlington Sun-Gazette makes the following point that Arlington taxpayers know only too well:

“During the real estate boom of 1999-2005, rising residential real estate assessments allowed the county government to progressively lower tax rates while still reaping a windfall in tax revenue. Despite lower tax rates, most Arlington homeowners have seen their tax bills double in recent years.”

Assessments were mailed on Wednesday, January 16.

Further information is available from this county press release, and the website of the county’s Office of Real Estate Assessment.

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