Assessment Values versus Market Values

Assessment Values versus Market Values. Arlington County data reveals that the average assessment for single family property would drop 2%, from $530,100 in 2008 to $520,100 in 2009. Market statistics from the realtor’s mls data base, MRIS, reveal the following sales price declines from November 2007 to November 2008: 13% average decline for condos, 22% average decline for townhouses, and a 19% decline for single family houses ($483,600 average sold price for all three residential categories). The County does acknowledge that their mass appraisal formula for computing assessed values has a diluted effect compared to more recent sale values and lags behind the last 6 month market trends. For example, the 2009 assessed values compiled by Arlington County pulls data from sales during 7/1/2007 through 6/30/2008, which leaves 6 months for market trends to adjust, thus making the January 2009 assessed values out of line with current and most recent values. The median price of homes sold in Northern Virginia in 11/08 was $335,000, which is a decline of 21.18% compared with 11/07’s median price of $425,000. FREE Report on Getting the Price You Want and Need When Selling Your Home www.SettingYourHousePrice.com