Many people in Northern Virginia saw their property taxes (assessed value) go up this year. Some saw increases as high as 5%, 10%, 15% or more! So what gives? Below are 3 scenarios that may be the cause.
1 – Jurisdictions lowered their overall tax rate. However, the overall decrease has to be made up for somehow in order for things to continue being funded sufficiently, so property taxes were increased to make up the difference.
2 – Jurisdictions want to bring market value and assessed value closer together. Historically, market value tends to be higher than the assessed value, and some areas are trying to bridge that gap.
3 – The simplest and most likely explanation, home values are going up! With such little inventory, demand is outweighing supply for housing, and sales prices are increasing as a result.
If you feel your property tax assessment is grossly high and you haven’t done any major renovations in the past year to justify such an increase, you can appeal to your county at the websites below:
Arlington County – https://topics.arlingtonva.us/realestate/assessments/appeals/
Fairfax County – https://www.fairfaxcounty.gov/taxes/real-estate/assessment-appeals
Loudoun County – https://www.loudoun.gov/faq.aspx?TID=129
Prince William County – http://www.pwcgov.org/government/dept/finance/Pages/Real-Estate-Appeals.aspx