Although owners of Affordable Dwelling Units are required to share the profits upon sale after the 15-year control period, it has no bearing on the sales price of the property or the property’s value for tax assessment purposes. Market sales prices of Affordable Dwelling Units that have sold after the expiration of the 15-year control period do not reflect any negative impact on the sales price attributed to the seller’s requirement to split profits with Loudoun County.
The Office of the Commissioner of the Revenue has a statutory responsibility to assess real property at 100% of fair market value. The monetary amount one may or may not gain from the sale of real property is not considered when estimating fair market value. This holds true regardless of whether the property is an affordable dwelling unit or not. This is analogous to the need to pay off the outstanding mortgage on a property, which also has no bearing on the property’s valuation for tax assessment purposes.