Archives

Spotsylvania News

Jeff Branscome writes about Spotsylvania County.

Share
RSS feed of this blog

Monthly MRIS update for July

According to a staff report, the median sale price of the 162 homes that sold in Spotsylvania increased 11.17 percent to $218,450, up from $196,500 in June 2009.

I asked Commissioner of the Revenue Debbie Williams how the assessments were looking and she said the market continues to be erratic with month-to-month percentage differences since January 2008. The changes range from an increase of 15.78 percent in May 2009 to a low of negative 11.26 percent in February 2009.

This is going to be a very, very interesting tax year. 

Post tags:

Permalink: http://news.fredericksburg.com/spotsygovt/2009/08/28/monthly-mris-update-for-july/

  • gramps

    may be a gross understatement of the public reaction to this assessment period.

  • gramps

    may be a gross understatement of the public reaction to this assessment period.

  • lgross

    is that short sales are not part of the assessment
    process…

    if a large percentage of the current sales are short
    sales then that might explain why the numbers for
    the other sales are small.. and thus can vary
    significantly…

  • gramps

    You may be correct larryg, but they need to get comparables somewhere. In the case of appraisals for mortgage purposes, foreclosures and short sales are being used for comparables and it is wreaking havoc with home sale prices.

  • gramps

    Well…havoc for sellers, buyers are probably loving it>

  • lgross

    yup.. but the county… for assessment purposes
    for determining taxes… they don’t use the short
    sale comparables but rather the sales for new
    and straight (non-short) sales of existing homes.

    That would tend to keep the overall assessments
    higher …. than otherwise… but I’m not sure how
    the actual assessment process is done – in terms
    of over what time period … they’d use to
    establish comparable housing values.

    If they pick a time period where the non-short
    sales of homes is way down in some areas but
    not others.. (because you’re dealing with ones
    and twos rather than 10 or 20)… the resulting
    assessment values on homes across the county
    could be widely different.

    You could have two very similar homes.. but the
    comp data for one or the other is different
    because there just were not many sales to base it
    on..

    so … inevitably two families will compare the
    assessments on their two very similar homes and
    discover way different valuations…

    and that will lead to appeals.. and reassessments
    …that may well be very different from the
    previous…

    wild stuff … and would make it very difficult to
    nail down a good dependable revenue
    projection.. and that in turn would have an
    unsettling affect on budget .. operational and
    CIP.

  • gramps

    Well, not really.

    While you are technically correct that the county is not using foreclosures and short sale info directly; when they use current and recent “straight” sales, those sales have been indirectly affected by the plurality of foreclosures and short sales.

    This comes about because a straight sale, if it requires a mortgage, will require an appraisal and that appraisal will have to use foreclosures and short sales since most sales in the past year or so have been in those categories.

    So, this round of assessments is going to be a “dukes” mixture of results.

  • lgross

    I guess it is … I guess that’s where the short
    sales themselves come from…

    if that’s true.. then what good does it do the
    county to only look at a few non-short sales?

    It would seem that actually get a good quality
    assessment would be difficult if you throw out
    anything but non-short sales.. because in some
    parts of the county.. you’d have to go back to
    older comps…

    … oops.. NOW I GET IT….

*/