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Assessments reflect market HOW TO APPEAL

Real estate tax reassessments mailed out today in Stafford

Date published: 2/21/2008

BY KAFIA HOSH

Foreclosure signs have sprung up all over Stafford County's subdivisions, evidence of a lagging housing market that is dragging down property values.

As a result, most homeowners will see a decline in their property values in real estate reassessments being mailed out today.

Residential values have decreased by about 15 percent since 2006. The median home assessment is now $311,000.

The assessments reflect bleak market conditions because Stafford County appraises properties within 97.9 percent of market value.

Assessors spend a year verifying their data by canvassing neighborhoods to look for changes to a home, such as a finished basement or an added deck.

The staff spends another year breaking the county into sub-markets to look at comparable sales in specific neighborhoods.

It helps the county see "if we can make adjustments en masse," said Commissioner of Revenue Scott Mayausky. "Maybe it's an older neighborhood and we've got bad data."

With its program, the county can make adjustments right up to the end of 2007 so assessments more accurately reflect current market conditions.

In neighboring Spotsylvania County, residential reassessments went up an average of 8.5 percent. Spotsylvania officials say the increase was a result of the values being below market value two years ago.

While Stafford's residential values took a plunge in 2008, commercial properties thrived--they're up an average 28 percent.

For the first time in years, the tax burden could be shifted to commercial property owners.

The Board of Supervisors sets the tax rate. It could effectively raise the rate from 70 cents per $100 of assessed value to a "modified, equalized rate" of 84 cents. In that case, the average homeowner would pay an extra $17 per year on his tax bill, and more of the tax burden would be carried by commercial property owners.

Homes values started to appreciate considerably in 2002, when real estate assessments increased by 14 percent. By 2006, residential values shot up 70 percent--a record high.

"When the market was increasing in 2002 through 2006, the residential homeowners did take the brunt of the tax increase," Mayausky said. "It's balancing out now."

$311,000: Median assessed value of a single-family home. $16.2 billion: Value of all taxable property in Stafford. 15 percent: Decrease in residential values.* 28 percent: Increase in commercial values* * From 2006-2008, not factoring in new construction. All figures subject to change due to pending appeals. HOW TO FILE AN APPEAL Call 540/658-4132 and se lect option 2 for Real Estate. Or visit co.stafford.va.us. Under Departments choose Commissioner of the Revenue and then click on the 2008 Reassessment tab to download an appeal application. OTHER LOCALITIES When will other localities next do reassessments? CAROLINE: Last assessments were in 2006. Reassessments scheduled for 2010. CULPEPER: Last assessment was 2006. Reassessments will go out next year. FAUQUIER: Last assessment was 2006. Reassessments scheduled for 2010. FREDERICKSBURG: Last assessment was last spring. Re assessments will be mailed in the spring of 2009. KING GEORGE: Last assessment in 2006. Reassessments in 2010. LOUISA: Has done assessments annually for the past three years. ORANGE: Last assessment sent out in 2007. Next assessment not required by law until 2011. SPOTSYLVANIA: Assessments went out last week. WESTMORELAND: Last assessment was in 2006. Reassessments will go out in 2010.

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Date published: 2/21/2008

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