Doug, Home Owner in 22066

My county tax value in zip 22066 dropped 11% from 2010. Was this typical for 22066, has it gone back up since the 1 Jan evaluation. Value is $1.156M

Asked by Doug, 22066 Sat Nov 12, 2011

Valuation history:
2006 $1.449M
2007 $1.473M
2008 $1.436M
2009 $1.389M
2010 $1.302M
2011 $1.156M

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The Spear Re…, Agent, Ashburn, VA
Sat Nov 12, 2011
Dear Doug,

Due to the subjective nature of tax assessments in Northern VA, we use these purely as a just one of our market valuation tools because if you neighborhood suffered from many distress sales, we have seen the assessed values are more negatively affected than others within the Great Falls zip code.

According to our MLS statistics, average sold prices in Great Falls has actually increased by 8.8% from sales reported in the month of October 2010 in comparison to sales reported in 2011. Please refer to this report:

And more more information you can visit the website referenced below.

I hope this information is beneficial.
2 votes
Janet M Lange, Agent, Centreville, VA
Sat Nov 12, 2011

In answer to your question, Yes, the assessed values have typically gone down in your area for the past couple of years. That is a delayed reaction to the values falling and homeowners object when they have to pay taxes based on negative values. In recent months, however, the market values have increased in your 22066 zip code area. When that happens, you can be assured that taxes will rise at some point.

The previous answers regarding market values vs assessments cannot be stressed enough. Many homeowners erroneously think that assessed value = market value. It does not. Market value depends on much more criteria.

For a market evaluation, please feel free to contact me. I would be happy to offer a complimentary market evaluation of your investment.

Most sincerely,

Janet Lange
1 vote
John Fitzger…, , Fairfax County, VA
Sat Nov 12, 2011
Doug, Doris and Kim gave you some really good answers. There is, however, one more factor to consider.

There have been distress sales and even a few foreclosures in your area of Great Falls. The tax assessors, by law, are required to take these into account when determining property values for tax purposes in a neighborhood. These sales, for all sorts of reasons, are, on average, at least 20% below market value.

This is why, Doug, the average regular sale price can go up in a neighborhood, while the assessed values for tax purposes can go down at the same time. Again, Doris is right to say that tax assessed values typically lag the regular sale market by at least 12 months. Hope this helps. I am available for a comprehensive market value analysis, if desired.
0 votes
Doris Leadbe…, Agent, Reston, VA
Sat Nov 12, 2011
I wouldn't worry about the County tax assessment. It doesn't affect your "true market value". In my opinion tax assessment by the County are always about 12 months behind the market in their trend. Your value which will set your taxes for 2012 will be based on 2011 sales closets to your home. One house sale either on the high end of the lower end can affect your value. I recommend comparing your tax assessment to homes in your area that are similar to yours, if this is possible. This will tell you whether you are being taxes similar to "like" homes. Tax values in Great Fals can vary widely, depending on improvements. If you think your assessment is high, don't hestitate to
call the County Assessor and review. I hope this helps.
0 votes
Vivianne Rut…, , Fairfax County, VA
Sat Nov 12, 2011
Hello Doug,

Tax assessments are for county budget purposes only - tax assessments should NEVER be used as an indication of property's market value. Tax assessors rarely inspect the exterior of the property, and certainly never inspect the interior of the property. For this simple reason tax assesments should not be used for real estate purposes to determine the market value of the property.

Great Falls area (22066) is very unique and each property is very unique. Therefore, the statistical median and the average prices do not work well for Great Falls. The only way for you to know the true market value of your property is to list it for sale and let the buyers price it. Of course that would be a very irreversible, very lasting and permanent decision so you need to be sure that you want to use this pricing method :-)

I have some statistics for Great Falls on my blog:
0 votes
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