Recently, I was wrapping up a client listing appointment in Loudoun and as we were reviewing the “tax value” of their house, a question came up:
“It’s the New Year, so when can I expect to see my real estate assessment?”
I replied that Loudoun County real estate assessments are in the mail around the beginning of February and we are expecting a 2.5-3% increase in home values, based upon the average sale price increase in the county. I added that some areas are going to have done better than others due to the sale prices of comparable properties in their area.
How Can I Get My Comparable Sales?
While I don’t know definitively the selection criteria for comparable properties, I can tell you how you can find the recent sales in your area that are being used to determine your assessment.
- Start by visiting the Assessment Page on the Loudoun Government site.
- After agreeing to the statement on the first page, proceed to the search page.
- Input your street name, and leave off the type (St., Ct., etc) and click “Search”.
- When you receive the search results, select your home, and then on the subsequent page select “Neighborhood Sales”.
- By sorting that page on the date column you can see the properties that have sold in your neighborhood and are being used as part of your assessed value.
Note: It is commonly known that many jurisdictions tend to put a small percentage “error” in their calculations (rounding down) to keep down the number of “Appeals” on the valuations. Also, while comparable market sales are one way to value your home, there are other methods that could affect your assessment, and this value should not be considered what your home is worth or will sell for.
Assessments “Kick Off” the Spring Season
sIn a related note, assessment notices typically kick off the selling season in the spring as homeowners look at the assessment and determine that they can sell their house because they have enough equity, or the value has finally hit the “magic amount” that they were waiting for.
As a real estate professional who focuses on Loudoun County sales, I will be happy to provide more information about the market and what your home will sell for. Feel free to take a look at the homes that are currently on the market in your area and then let’s sit down together and determine what your home is worth.