[NOTE: This post is an updated copy of my 2010 post, which itself was an update of my 2009 post, which was a copy of 2008, which had tons of comments relating to how Fairfax County seemed to change its assessment forumulas, flipping more of people's value from their house to their land.] [Check our your property value using the official Fairfax county link.]
THE BASIC SUMMARY: Our real estate assessment finally went up again, by 3% (less than the average of 8.5% yearly gains), to $307K. At least we’re back on the right track again.
In 1999, we bought the house at $141K.
In 2000, we were assessed at $142K.
In 2001, this grew by 3.5% to $147K.
In 2002, this grew by 39% to $205K.
In 2003, this grew by 3% to $211K.
In 2004, this grew by 24% to $261K.
In 2005, this grew by 34% to $349K.
In 2006, this grew by 13% to $395K [addition completed].
In 2007, this grew by 3% to $406K (peak).
In 2008, this dropped by 7% to $375K*.
In 2009, this dropped by 3% to $364K.
In 2010, this dropped by 18% to $298K. (ouch)
In 2011, this grew by 3% to $307K. Finally a gain!
We’re 24% down from our peak (but not 37% like last year), but it’s still worth 2.27X more than we owe on the mortgage ($135.4K, the same as last year really).
This means we’re still $171.7K ahead (we were $163K ahead last year). We’ve lived here 11 years, so that’s $15,609 ahead each year, $1300 ahead each month. Our mortgage is only about $1300, so this place seems to practically be paying for itself. (Of course, the addition wasn’t free, it was about $80K, so we’re really only $91.7K ahead, $8336 ahead per year, $694 ahead each month. Still not shabby. These people who say houses aren’t a good investment don’t know what they’re talking about. Even if it’s value drops 90%, you’re still getting 10% more of your money back than if you were renting!)
Last year’s graph:
Broken down via land vs. building:
2002: $90K (+27%)
2003: $100K (+11%)
2004: $150K (+50%)
2005: $184K (+23%)
2006: $166K (-10%) [addition completed]
2008: $184K (+11%)
2009: $166K (-10%)
2010: $148K (-11%)
2001: $76K (+7%)
2002: $115K (+51%)
2003: $111K (-3%)
2005: $165K (+49%) [addition possibly counted here]
2006: $229K (+39%) [addition completed]
2007: $241K (+5%)
2008: $192K (-20%)
2009: $198K (+3%)
2010: $150K (-24%)
2011: $159K (+6%)
FOOTNOTE: 2006 was about when the construction was mostly finished, but due to problems with it being completely finished, it might not have been legally counted as finished until 2008.
RANDOM NOTE: The Google Chart Playground is very, very useful. Saves a lot of manual page refreshses…
Mood: suddenly less dissatisfied with unemployment
Music: NOT Megadeth – Tornado Of Souls