2011 Real Estate Assessments Now Online
An Arlington County press release today reports the county will benefit “from healthy commercial, residential property mix” as residential values increased 1.4% and the value of commercial properties increased 12%. According to the Washington Business Journal today:
“As the first Northern Virginia jurisdiction to release 2011 assessments, Arlington's data is good news, as it shows a stronger-than-anticipated rally in assessed value after years of decline. But for property owners, rising value also will mean rising tax bills — assuming Arlington doesn't reduce its rate to offset the uptick.
“Arlington officials in the fall projected a $25 million to $35 million budget gap for 2012, but that was based on an estimated 1 percent assessment increase. A 6 percent bump would generate about $32 million in new tax revenue, half of which benefits fiscal 2011 and the other half 2012.”
That second paragraph undoubtedly is welcome news to Arlington’s panjandrums who will avoid most decisions regarding the reduction of the size or cost of local government.
An online article today at the Arlington Sun Gazette website says average home prices are “up nearly 9% across Northern Virginia in 2010,” increasing from a 2009 average of $431,013 to $469,567 in 2010. In their report, the Sun Gazette said:
“Since 1975, the year-over-year average sales price across Northern Virginia has risen all but four times (1990, 1992, 2008 and 2009). Total sales have risen 23 times and declined 12 in the same period.”
You can look-up your CY 2011 assessment at the Office of Real Estate Assessments webpage. For more information about real estate assessments, e.g., appealing your assessment, visit the Office of Real Estate Assessments webpage.
Information about the Arlington County FY 2012 budget is available here. And if you are a member of a county civic organization that is a member of the Arlington County Civic Federation, consider joining the ACCF's Revenues & Expenditure Committee in its annual study of the annual county budget. Copies of recent R&E reports are here.
Need help in appealing your property's assessment? Consider "How to Fight Property Taxes" from the National Taxpayers Union.
