|
How are assessments determined in Loudoun County?
What is the difference between a mass appraisal and a fee appraisal?
Does the percentage change of assessments for an entire group of properties impact the assessment on a single real property assessment?
Is it possible to have an assessment reviewed?
What is the Board of Equalization appeal process?
What real property is taxable?
What other related services are offered by the county?
When are my real estate tax payments due?
What is the function of the Assessor's Office?
Where is the Assessor's Office located?
Answers to Frequently Asked Questions
How are assessments determined in Loudoun County?
Buyers and sellers create value by their actions in the real estate marketplace. The fair market value of a property is the probable amount it would sell for today if exposed to the market for a reasonable period with informed buyers and sellers acting without undue pressure. The Office of the County Assessor has the responsibility of reviewing these market transactions and using this data to assess each property accordingly.
There are many reasons for a change in property value. The most obvious reason is that the property itself has changed, i.e., adding a garage or deck, or the property has been damaged or destroyed. The most frequent reason for a change in value is that a movement (either up or down) has occurred in the real estate marketplace.
Transfers of real estate are analyzed annually. Nearly 95 percent involve sales of residential properties. Additionally, sales for previous years are also reviewed when warranted. Information is gathered from buyers, sellers, and real estate professionals. The bonafide selling prices are then compared to the assessed values to arrive at an assessment/sales ratio. The county is required by law to annually assess at fair market value as of January 1 of each year.
The three valuation approaches, i.e., sales comparison, cost or income, are considered in mass appraisal. The sales comparison approach is the most widely accepted technique, particularly for residential properties. The most comparable sales information is used as a basis for the assessment of individual properties after the sales are carefully analyzed to consider any differences in size, quality, condition, location or amenities.
Due to the limited number of local commercial property transactions, regional and national sales are collected for analysis. Along with market data, commercial properties are selected for reassessment based on rent levels, occupancy levels and investor demand. Properties such as an apartment complex or a shopping center are typically assessed based on potential rental income. Special purpose properties such as a manufacturing facility are assessed based on the cost of materials and labor to replace.
What is the difference between a mass appraisal and a fee appraisal?
Mass appraisal is the systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing. This differs from single-property appraisal, commonly referred to as "fee" or "bank" appraisal, which normally deals with only a particular property as of a given date.
Mass appraisal includes the application of single-property appraisals, as well as the development of appraisal formulas and statistical models that can be applied uniformly to a number of properties at a time. The Office of the County Assessor reassesses all real property annually as of January 1. The office performs continual statistical analysis on property sales and current assessments to determine if values are in line with what properties are selling for.
Does the percentage change of assessments for an entire group of properties impact the assessment on a single real property assessment?
No. The percentage change of an assessment relative to a single property from year to year is unique to that property. Assessments fluctuate based on the sales activity. Sales activity fluctuates based on supply and demand, property type, location, quality, condition as well as other factors which may make a property unique. Percentages posted by the media are typically a summary reflecting overall sales activity for an area or the entire region. This should merely serve as a guide related to overall market activity not a factor for determining a specific value.
Is it possible to have an assessment reviewed?
Yes. It is important that that you first review your assessment upon receipt of your notice. In order to receive consideration for a review by the Assessor's staff, the owner or authorized agent must submit a completed Application for Review Form by the deadline, which is listed on the review form, if the assessment is not considered to be equitable or accurate. A field appraiser will review the assessment in order to alleviate any concerns by the taxpayer regarding the property value.
The Office of the County Assessor has an automated review process in place, some of the benefits include: The online property record data is automatically populated on the form. If you wish to submit appeals for more than one parcel, the information you enter on the first application will automatically be entered on subsequent applications. Any supporting documents you have can also be submitted online. Online applications significantly reduce processing and response time.
The online application for review form is available here. Hard copies will be available at all Loudoun County Library locations and at the Office of the County Assessor. Use of the online application form is recommended. Requests for an assessment review must be submitted on the appropriate county form by the deadline for consideration. Staff members are available if you require assistance.
What is the Board of Equalization appeal process?
The Board of Equalization (BOE) is a citizen board, separate and independent from the Office of the Assessor. BOE members are appointed by the Circuit Court in accordance with the Code of Virginia (Section 58.1-3373). Taxpayers are encouraged to request reconsideration from the Office of the Assessor prior to filing with the BOE. All BOE applications must be postmarked no later than June 1. For further information and to obtain an application, contact:
Board of Equalization
1 Harrison St. S.E., 4th floor,
PO Box 7000
Leesburg, VA 20177
Phone: 703-777-0289
e-mail: boe@loudoun.gov
A formal appeal application must be submitted to the BOE for consideration. The assessment information and value are reviewed by the appraiser. A new value analysis is performed if necessary. The petitioner is notified after the analysis is complete. A recommendation is presented to the BOE for consideration through a hearing process.
Should the owner disagree with the county's recommendation, they will be given an opportunity to appear before the BOE to present evidence (such as photographs or contractor's repair estimates) that may be helpful in supporting their opinion of value. The BOE will notify the owner of its decision in writing within 30 days of the hearing.
What real property is taxable?
All real property in Loudoun County is subject to taxation except those properties that are specifically exempt. Certain properties owned by the county, state or federal governments, or properties determined to be used for religious, charitable, educational, or some cultural or recreational uses which are considered non-taxable. Properties may also be subject to exemption by county ordinance.
The Office of the County Assessor assesses property as of January 1 each year with the notices typically mailed beginning in early February. The tax rate is set in April of each year by the Board of Supervisors. This occurs after the county's budgetary needs are reviewed and after public hearings have been held. The real property tax is part of a well-balanced revenue system that enables county residents to share in the cost of police and fire protection, public education, parks and recreation, and other services.
What other related services are offered by the county?
The county also offers tax relief for the elderly and disabled. Property owners as of January 1, who meet certain criteria, are age 65 or older, and who may be totally and permanently disabled, have household income not more than $72,000 and net worth not more than $440,000 may qualify. Participants may be relieved from the payment of real estate taxes on their primary dwelling and lot up to 3 acres. For more information, applications, and filing dates, go to: www.loudoun.gov/cor/tred.htm .
Or contact:
Robert S. Wertz, Jr., Loudoun County Commissioner of Revenue
P.O. Box 8000
Leesburg, VA 20177-9804
Phone: 703-737-8557
e-mail: trcor@loudoun.gov
When are my real estate tax payments due?
Real estate taxes are based on real property assessments and the real property tax rate, which is set annually by the Board of Supervisors. Real estate taxes are based on a calendar tax year effective January 1. Taxes are billed semi-annually with the first payment due on June 5 and the second payment due on December 5. Reassessment notices are sent to the property owner. However, the tax bills are typically mailed directly to the mortgage company.
What is the function of the Assessor's Office?
The Office of the County Assessor is charged with the annual review and reassessment of all real property. This includes administering the laws pertaining to real estate assessments and exemptions, maintaining property record information, and coordinating assessment appeal hearings.
The legal authority for this function resides within Article X of the Virginia Constitution, which states in part: "All assessments of real estate and tangible personal property shall be at their fair market value."
This authority is further defined by the Code of Virginia, Title 58.1 and by the County Manager Act, Section 15.2 stating that annual assessments shall be made at 100 percent fair market value.
Where is the Assessor's Office located?
The Office of the Assessor is located on the fifth floor of the Loudoun County Government Center at 1 Harrison Street, S.E. in Leesburg, Virginia. The office is open Monday-Friday from 8:30 a.m. to 5:00 p.m.
A satellite office is located at 45201 Research Place, Suite 130, Ashburn, Virginia 20147. The Ashburn office hours are Monday-Friday from 9:00 a.m. to 4:00 p.m.
Please call 703-777-0267 for general information, fax the office at 703-771-5234, or e-mail: assessor@loudoun.gov.
|