Thursday, March 11th, 2010


house_well-11 [NOTE: This post is an updated copy of the post I made last year, which was a copy of the post from 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.]

THE BASIC SUMMARY: Our real estate assessment dropped again, by 18% (ouch!), to $298K. Biggest loss yet..

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*.
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. Biggest loss yet..

We’re 37% down from our peak, but it’s still worth 2.2X more than we owe on the mortgage ($135K), meaning we’re still $163K ahead.

Broken down via land vs. building:

LAND:
2000: $71K
2001: $71K
2002: $90K (+27%)
2003: $100K (+11%)
2004: $150K (+50%)
2005: $184K (+23%)
2006: $166K (-10%)
2007: $166K
2008: $184K (+11%)
2009: $166K (-10%)
2010: $148K (-11%)

BUILDING:
2000: $71K
2001: $76K (+7%)
2002: $115K (+51%)
2003: $111K (-3%)
2004: $111K
2005: $165K (+49%)
2006: $229K (+39%)
2007: $241K (+5%)
2008: $192K (-20%)
2009: $198K (+3%)
2010: $150K (-24%)
(more…)

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