How are assessments determined in Loudoun County?
Buyers and sellers create value by their actions in the real estate marketplace. The fair market value of a property is the probable amount it would sell for today if exposed to the market for a reasonable period with informed buyers and sellers acting without undue pressure. The Office of the County Assessor has the responsibility of reviewing these market transactions and using this data to assess each property accordingly. There are many reasons for a change in property value. The most obvious reason is that the property itself has changed, i.e., adding a garage or deck, or the property has been damaged or destroyed. The most frequent reason for a change in value is that a movement (either up or down) has occurred in the real estate marketplace. Transfers of real estate are analyzed annually. Nearly 95 percent involve sales of residential properties. Additionally, sales for previous years are also reviewed when warranted. Information is gathered from buyers, sellers, and real estate
