Assessment Notices being Mailed to Loudoun County Property Owners
January 21, 2011 – (RealEstateRama) — The 2011 assessment notices being mailed today reflect the current state of Loudoun County’s real property portfolio, according to Todd Kaufman, Loudoun County Assessor. The assessment notices include a pamphlet summarizing the assessment and taxation processes. Information regarding the review and appeal process is also included. A message from the Loudoun County Assessor explaining the assessment process, the 2011 Automated Application for Review form, answers to frequently asked questions, and other important information is available on the Loudoun County Government Website at www.loudoun.gov/assessor.
The assessment notice also includes important deadlines, public meetings dates, and information on programs such as Land Use and Tax Relief for the Elderly and Disabled. The Code of Virginia and local ordinances require that assessments be made annually at fair market value. “It is important for the public to understand that assessments are not influenced by the county government or school budgets, expenditures, or the setting of the tax rate. Assessments are revised on an annual basis and are market driven. The creation of the budget and the setting of the tax rate are independent from the assessment process. The combined county government and school operational budgets reflect expenditures associated with services that are provided to the community. This includes capital construction,” said Kaufman. “The budget is proposed by the County Administrator and approved by the Board of Supervisors. Assessments are the Assessor’s opinion of the value the jurisdiction’s real property portfolio. The date of value for assessments in Loudoun County is January 1. Real property tax levies are the result of the application of the tax rate on the real property assessment. The Board of Supervisors sets the real property tax rate following an annual process which includes public hearings and a series of work sessions.”
Sale prices of existing area homes in Loudoun County increased slightly on average consistent with trends in similar localities. Assessment trends are based on a study comparing the prior year’s sales inventory against the current year’s sales inventory. Accordingly, 2010 sales activity is the basis of the 2011 real property assessment. The county’s real property portfolio was adjusted based on a review of this data. Generally, residential property values stabilized or increased in 2010. Residential portfolio growth is also attributed to new construction and development. Commercial property values declined slightly with nominal new construction and growth in that sector compared to previous years. The 2011 Assessment Summary, which defines the real property portfolio, will be available on the Loudoun County website at www.loudoun.gov/assessor within the next few weeks. Property owners are encouraged to review the Assessment and Parcel Database for information pertaining to their individual property.
The Assessor’s Office is located at the Loudoun County Government Center at 1 Harrison Street, S.E. in Leesburg. Operational hours are Monday through Friday from 8:30 a.m. to 5:00 p.m. A satellite office is currently located at 45201 Research Place, Suite 130, in Ashburn, which is open to the public Monday through Friday from 9:00 a.m. until 4:00 p.m. Staff are available at both locations to assist the public.
Contact:
Todd Kaufman, Loudoun County Assessor, 703-777-0267
