I received my 2007 Loudoun County property tax assessment in the mail last night. Surprisingly, it was very accurate. I did a market analysis on my house prior to seeing the county assessment and felt that a value of $415,000 was in order. The county assessed the value at $420,000. This value represents a decrease of 12.8% from the 2006 assessment value of $482,000.
If you haven't received your assessment in the mail you can go to the Loudoun County government website and find out your assessed value. They say the 2007 values have been updated.
If your assessed value isn't at least 10% lower than last year, you are currently over valued or you were under valued last year. If you need to find out which it is, here is a post that outlines how to go about do that and getting your assessed value changed.
Now for the bad news. The Loudoun County supervisors will probably raise the tax rate from the current level of .89 per 1000 of assessed value to .975. This is an increase of 9.55% over 2006. Given this most likely scenario, anyone whose assessed value was not decreased by at least 9.55% will end up paying more in property taxes this year.