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Real Estate Assessments - Valuation

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1. What is annual reassessment?
2. What is the effective date of my assessment?
3. What is fair market value?
4. What sales were used to determine my assessed value?
5. How can a property be assessed for more than its recent purchase price?
6. Why did my assessment change?
7. Why did my structure value go up? I didn't make any changes to my house.
8. Why did my house go up at a higher rate than my neighbor’s house?
9. Why did my assessed value change more than reported in sources like Zillow, etc?
10. Why did my assessment go up more than the percent change advertised in the local newspapers for my market area and property type?
11. What does land value represent and why did it change?
12. Why do property values have separate land and building values and why did they change? I own a condo; why do I have a land value?
13. Is there a law that prevents assessments from changing more than a certain amount from year to year?

Loudoun On
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