2/4/15

How much are we really talking about? (2015 edition)



The County Administrator has proposed a tax rate of $1.13 (half a cent less than the equalized rate). He advertised a rate of $1.165, which would fully cover the School Board proposed budget along with his proposed county budget. So how much money are we talking about? This chart is filled in with an example. Customize it using your assessment values to see how it would change your taxes.

Last Year's Assessment
This Year's Assessment

Tax RateYearly Tax
Current $1.155
Proposed $1.13
Advertised $1.165
Difference from Last YearProposed: Advertised:
Difference This Year Proposed to Advertised
Difference Per Day Proposed to Advertised

2 comments:

  1. Well, we'd be paying an extra $8.84 per month at the proposed rate, leaving the schools figuring out how to deal with more cuts along the lines of the ones they made last year. At the advertised rate, we'd be shelling out $18.88 per month.

    I can't speak for anyone else, but paying an extra $10 per month so the public schools can get back on their feet and maybe even give Dr. Williams a little more room to make changes based on education rather than politics seems like a reasonable deal to me.

    (By the way, the calculation is currently done with a proposed rate of $1.13. Shouldn't that be the recently corrected rate of $1.135? That would only make the choice easier to make, but still...)

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  2. Zillow indicates that as of Dec. 31, 2014, the median home value in Loudoun County is $450,700. (That means half the homes in the county are valued above that value and half are valued below that value.)

    Trulia says the median sales prices for Oct 2014-Jan 2015, by ZIP code, in the county ranged from $855,000, $800,000, and $599,950 at the high end (20129, 20117, 20158) to $359.750 and $275,000 (20175, 20176) at the low end.

    The latest American Community Survey data is a bit dated, but the analysis that the Loudoun County's Dept. of Planning did on the 2011 ACS data shows:

    Sterling (2011):
    - Median Household Income: $99,679
    - Median Home Value: $271,930
    Ashburn Village (2011):
    - Median Household Income: $109,205
    - Median Home Value: $329,300
    South of Leesburg and Northeast of Rt. 15/50 Intersection (2011):
    - Median Household Income: $127,880
    - Median Home Value: $578,880
    Town of Leesburg Southside (2011):
    - Median Household Income: $158,287
    - Median Home Value: $495,410

    They explain:

    "For purposes of analyzing the trend in the ratio of average sales price to median household income, the data shown in the table is in nominal dollar values (non- inflation adjusted dollars).

    "Average sales price data is based on local real estate data that covers the sales of existing homes, not new homes. However, the trend in existing home sales prices mirrors the trend in new home sale prices.

    "The average sales price in Loudoun peaked in 2006 at $547,113. This was almost 2-1/2 times more than the sales price in 1999. Due to the housing market crash, the average sales price declined from 2006 to 2009 by 32 percent. The market has rebounded since then."

    Due to how the median is calculated, one would expect the values above to differ somewhat from both the median values for the entire county and from the medians for each ZIP code. LC Department of Planning reports the "average" sales prices county-wide (in non-inflation-adjusted dollars, and it's not clear whether they used the median or the mean) for recent years:

    - 2009: $373,275
    - 2010: $403,656
    - 2011: $418,120
    - 2012: $431,003

    So, Zillow's county-wide median of $450,700 for 2014 does not seem out of line.

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