My home is currently for sale; does the new Assessment mean I must now drop the price I am asking for my home?

Asked by Home Seller, Myrtle Beach, SC Sat Jan 24, 2009

I live in Loudoun County, VA - I am also selling my home in Ashburn, VA. 20148. This weekend I received a Loudoun County Real Property Assessment. My 2008 Assessment indicated my property was valued at $668,700.00. My new 2009 Assessment indicates my property is now valued at $590,400.00. This is a significant drop in value. I don't understand how Loudoun County Government can undermind their residents in this way.

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Deb Crosley, Agent, Leesburg, VA
Thu Feb 12, 2009
I live in Loudoun County, and am a potiential home buyer. The tax assesment I do use as a guide, as they are on public record and should usually follow +/- from the actual value. Some here in Loudoun went down over $100,000. Also, in Louduon, lower assesments do not mean lower tax bills, since they are raising the tax rate.....21cents.
1 vote
Bill Eckler, Agent, Venice, FL
Sun Jan 25, 2009

Generally there is no connection but ...this is a good question to refer to your real estate professional. He/she may have thoughts worthy of consideration.
1 vote
Tiny Varner, , McLean, VA
Sun Jan 25, 2009

This is a question you must ask your Realtor. When you put your house on the market, a CMA (comparative market analysis) should have been done to determine the asking price for your home. The CMA compares recent prices in your neighborhood for homes that are currently for sale, those that have recently sold, and those that were taken off the market for whatever reason. If a CMA was not done, you could be asking too much (or too little) for your home.

The tax assessment is a separate issue. It's just a valuation that the county places on your home to determine real estate taxes. In some places, the tax assessment is far below the actual market value. That's why it's important to have a CMA done for your house so you know you've priced it right.

Hope that helps!

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1 vote
Keith Sorem, Agent, Glendale, CA
Sat Jan 24, 2009
this is a great question to ask you Realtor.
The short answer is no, it means nothing.
But you should ask your Realtor...There is a difference between the work the county assessor performs for tax collection purposes, and the APPRAISER used by a lender evaluating your home for a loan.

1 vote
David Chambe…, , Saint Petersburg, FL
Sat Jan 24, 2009
That means your taxes are lower, only sellers will complain about it.
1 vote
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