BY CATHY JETT

Date published: 3/9/2008

BY CATHY JETT

Assessments for commercial property shot up in both Stafford and Spotsylvania counties this year.

Stafford saw an average increase of 28 percent, and total commercial values went up $960 million in Spotsylvania.

But the assessments for land tended to rise at a much higher rate than those for buildings in Stafford, while the reverse appears to hold true in Spotsylvania, according to a spot check of several comparable properties.

The assessment for the land where Giant sits in Town and Country Shopping Center in Stafford, for example, went from $1.4 million in 2006 to $2.3 million this year, a 67 percent increase, while the assessed value of the building decreased from $8.9 to $8.5 million--a 4 percent drop.

The land for the Giant in Hilltop Plaza in Spotsylvania, however, went from $2.8 to nearly $3.8 million, a 33 percent increase, while the building went from $3.9 to $6.2 million, a 58 percent increase.

The key factor in determining the assessments, however, was the same in both counties.

"It's location, location, location," said Dick Jones, Stafford County's assessor.

Commercial properties in newly bustling areas, such as Carter's Crossing on U.S. 17 in Stafford and Cosner's Corner at Massaponax, saw the biggest increases.

"The old Aquia Towne Center, that's huge," Jones said. "That whole area has gone up from what it was in 2006 because developers are buying with the expectation that they're going to put in new offices and a town center."

Other hot commercial areas in Stafford include Banks Ford at Celebrate Virginia North on U.S. 17 and the State Route 610 corridor near Stafford Marketplace.

Jones said he factors in three things in his assessments: building costs minus depreciation, sales of comparable properties and a property's income-generating potential.

"What are commercial offices going for per square foot? What are banks going for? What would you charge a nail salon per square foot? Those are indicators of value," he said.

Spotsylvania, meanwhile, has seen tremendous commercial growth at Cosner's Corner and Southpoint II, both on U.S. 1, along with Harrison Crossing North on State Route 3.

Spotsylvania assesses commercial land based on sales of comparable vacant land. If the land has been built on, the county also looks at sales of similar buildings as well as the income-generating potential of those structures, said Spotsylvania Commissioner of the Revenue Debbie Williams in reply to e-mailed questions.

"Values are based on the actions in the commercial market," she said.

So far, Stafford has fielded only a few appeals since assessments were mailed about a week ago. The deadline is March 15.

Spotsylvania received 200 appeals by its March 3 deadline. Property owners may still appeal their assessment to the Board of Equalization by April 30, Williams said.

Cathy Jett: 540/374-5407
Email: cjett@freelancestar.com

Date published: 3/9/2008