Tax Assessments
With the real estate market softening every home owner's night mare is continuing increase in its tax assessments. I looked my property tax assessment valuation at the public website even before I receive the notice. Loudoun County has raised the assessments last year approx. 25%-30% for the home owner. Thanks to the tax rate cut from $1.04 to $0.89 my assessment remained the same but still save quite some on over all taxes.
Many home owners will still think their assessments are higher comparing to the real estate market condition. They do need to remember the assessment is the local government's estimate of what a home would sell for if exposed to the market for a reasonable period of time by an owner who is not acting under duress. In other words, that owner is in no rush to leave because of a pending foreclosure or maybe a last-minute, job-related move.
An assessment is not the same as an appraisal, which is an individual determination of the value of a house, usually performed for a mortgage lender.
You can always appeal but before you do so ask yourself based on the homes similar to your home is the value worth more or less or same?
The assessment is based not only on the physical attributes of the house, but also on how it compares to other nearby houses of a similar age, quality and style. If your assessment is way out of line with that of these comparable houses, that can be grounds for an appeal
If you still unsure go the county website. I have links for local government information at my website. Compare similar homes in your area neighborhood and their tax assessments.