March Real Estate Madness 2010
Northern Virginia Real Estate Taxes, Tax Credits, Rising Prices
Finally the snow has melted on the snowiest winter that I have ever seen around here. The warmer temperatures are heralding in a hot real estate market. But the tax assessments are reflecting the price corrections which took place throughout 2009.
In the City of Alexandria, the overall residential tax values fell by 5.16%. Condominiums as a group have declined in value by about 20%. The average house now has a value of $612,749 a decline of 4.03%. The average condominium is now valued at $269,695, a mean decline of 7.83%. The City has proposed a increase in the tax rate from 90c/$100 to 97c/$100. Your assessment was mailed March 25, and the tax rate will be set April 24. Check your assessments here http://alexandriava.gov/realestate/default.aspx
In Fairfax County, the tax assessor has determined that 95% of the residential properties declined in value last year. Only 16% of all the property in the County kept the same assessed value. The average residential value declined by 12.55%. The drop in residential and commercial values lead to a decrease in the tax base of $22.86 billion from the previous year. You can click the following link to see how values have changed in your region of the County http://www.fairfaxcounty.gov/news/2009assessmentmap.pdf . This is leading the County to discuss rising the tax rate to either $1.12/$100 or $1.09/$100. Luckily, the violent crime rate and property crime rate also both fell last year. Check your assessment here. http://www.fairfaxcounty.gov/dta/
Arlington County was the first county to mail their tax assessments in January 2010. The overall real estate assessments dropped by 7.2%, the first time that aggregate values have declined since 1995. Single family homes dropped in value by 3.25%, overall residential values for townhouses, condos and single families dropped by 2.5%. The average residential assessment is now $503,200 down from $520,100 for 2009. Residential values peaked in 2007; now commercial values are falling also.
. http://arlingtonva.us/departments/realEstate/news/2010%20Press%20Release.pdf Check your assessment here: http://arlingtonva.us/Departments/RealEstate/RealEstateAssessmentsMain.aspx
All the Counties offer residents the opportunity to appeal their tax values
Take heart though. There were a lot of residential sales in the winter 2009-2010. This has left us with reduced inventory for Spring 2010. Consequently prices are rising. The Federal Tax Credit is influencing the market, bringing more buyers into the market. This is a great opportunity to put cash in your pocket. The credit is also available for long term residents who have lived in the same home for more than 5 of the previous 8 years. The house has to be priced below $800,000. This is an actual cash tax refund of up to $8,000 for first time buyers. Move-up buyers can take advantage of a $6,500. There are generous income limits for utilizing this tax credit, single people can make up to $145,000 and married couples up to $245,000. http://www.irs.gov/newsroom/article/0,,id=218336,00.html?portlet=7
Just call or email me to see if you or your friends can benefit from this market. Karrina Taylor Brown
Phone 703-336-3745 Email Karrina.Brown@Gmail.com www.TaylorBrown.com
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