One Good Thing About Declining Home Values
February 9th, 2008 categories: Buyers, Local Issues, Loudoun County, Real Estate News, Sellers
When you live in a town home, yelling up the stairs becomes an accepted form of communication. I found our new county tax assessment in the mail this morning so I yelled upstairs to see if there was any other surprises that came with it. Not a chance. I was encouraged to see that the value was dropped in the eyes of the county.
Fine by me… However, more important than the value dropping is the county dropping me a check in the mail refunding the extra that I paid this year. I won’t hold my breath on that one.
You should be receiving yours also if you live in Loudoun County if you haven’t already.
After looking it over, you will probably notice one thing…
1. It says that your home is worth less than you thought.
Try not to be too discouraged for a couple of reasons.
A. They could be wrong because they do a broad assesment of your value. They haven’t stopped by your house to see the new granite you have.
B. The lower the better. This will hopefully result in a lower mortgage payment if they don’t decide to increase taxes to make up the difference.
The rumor is that we should be OK with the county budget since commercial value in the area has seen an increase making up most of the loss that we saw in the value of homes.
If you would like more information about the assessment process you can check out the county website or having it re-assessed by clicking here.
If you want to do a little research on what the latest homes like yours have sold for in the area click here.
If you would like a Market Analysis to determine a selling value of your home you can contact me at jonbunn@gmail.com.
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