Within the next couple of weeks, Loudoun County will be mailing the tax assessments for your property. They will include the new assessed value of your property for 2007. Your property taxes will be calculated by multiplying the assessed value by .0089.
As we all know, the fair market value of our homes has depreciated during the last year. In most cases, the depreciation has been between 10% and 15% since the last assessments. The 2007 assessments should reflect this drop in value. If it does not, then you have the option of having your assessment reviewed. There is a process in place to do so. You can access the Loudoun County assessors website and download the application and instructions for the review process. The deadline is March 16, 2007.
The success of your review will depend on providing the county with the value you think your home is and supply the tax assessors office with supporting evidence of your value. It will also require that you fill out the form in its entirety. Failure to do any of these things will more than likely result in your review being rejected.
Because of our access to certain databases, we can expedite the process for you if you would like. We can provide the necessary documentation, supporting evidence and answers to questions regarding the process. We are setting up appointments to meet with homeowners beginning February 16th. The fee for this service is $20 and covers the costs necessary to research your property, provide a market value asessment and provide support documentation. Below is the procedure for setting up your appointment.
1. Email or Phone our office with your Name and Address.
2. Set up a time to pick up your Market Value Assessment and Supporting Documents.
3. Go to the website for the Assessors office and Download the application form.
4. Bring your application and $20 fee in to our office at your appointment time.
5. Pick up your Support Documents and Discuss our Assessment of your Property.
6. Mail your application in to the Assessors Office along with the Support Documents.
Just to give you an idea of the savings potential, the average home in Ashburn had a value depreciation of close to $70,000 in 2006. An assessment review could realize a savings of $623 based on the average 2007 property tax bill.
Other Resources:
Loudoun County Real Estate Tax, Assessment & Parcel Database - Go here to find your Parcel ID Number, Tax Map #, etc.
Loudoun County Assessor Website - Go here to download application for review
If you know of anyone else who would like to take advantage of the review process, please feel free to forward a link to this post.