This regularly-scheduled sponsored Q&A column is written by Adam Gallegos, Arlington-based real estate broker, voted one of Arlington Magazine’s Best Realtors of 2013 & 2014. Please submit your questions via email.
Q. I was a little confused after reading your last article. I always thought that having a higher tax value indicated that my home is worth more money. Your article made it sound like having a lower value is of greater value.
A. Most professionals in the real estate industry realize that tax assessed value (TAV) is a generalization of what a home is worth.
For example, two Colonials built in 1952 may be located right next door to each other. They have the same square footage, number of bedrooms and number of bathrooms. House “A” has been beautifully updated inside and out. It is the picture perfect home. House “B” has never been updated and has been poorly maintained for the last 63 years. Their TAV may be identical, but the market value is drastically different.
The above scenario is an example of why TAV is not used in determining market value, by real estate agents or appraisers. As mentioned in my last article, most homeowners and homebuyers would prefer to have a home with high market value and low TAV, because it lowers the amount of money they need to pay Arlington County in property taxes. That is why I make the argument that there is market value in having a low TAV.
The other clarification I will point out is that TAV is not the same as appraisal value. They sound similar and are therefore often confused with each other. Appraisal value is determined by professional appraiser, not by the county.
An appraiser typically performs an in-depth study of a home’s current market value. They take into consideration the home’s condition, size, lot, location and features compared to similar home sales. They also apply the current market conditions. In a perfect world, their analysis should provide a very close indication of market value.
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.
Everyone has flat screen TVs already so how about a more interesting Black Friday special? The ARLnow Press Club for free, to try out the daily Early Morning Notes email…
There’s not a whole lot going on in Arlington today, save for activity at local shopping centers, so we’re going to fast forward right to the top story countdown. Here…
Statues of Liberty gives thanks this holiday season and grateful for a few things this year.
It’s turkey time. Thanksgiving Eve is upon us and extra revelry can be expected at some local bars tonight, ahead of the holiday. Please be careful on the roads and…
The Optimist Club of Arlington is holding its 76th annual Christmas tree sale!
This year, the tree sale will be held at the Knights of Columbus (5115 Little Falls Road). The lot opens for sales on November 25th. The Optimist Club is selling small and large trees ranging from tabletop size to huge 14 foot tall trees! Wreaths, garlands, tree stands, and White House Christmas ornaments will also be for sale.
100% of all proceeds go towards helping Arlington County youth.
For more information, please visit the Arlington Optimists website at https://optimistclubofarlingtonva.org/.
Art House 7 is a small art studio in Arlington – offering instruction in painting, ceramics, sewing and more. We are looking for kind, dedicated people who love both creating and teaching.
Ceramic Teachers are needed to teach wheel-throwing to adults and 6-12th graders and to teach hand building to elementary grades. Classes have 3-8 students.
Drawing teachers are needed to teach either kids or adults. For kids, we offer cartooning, manga or traditional drawing. For adults, we only offer traditional drawing.
Painting teachers are needed to teach either kids or adults. We offer oil, acrylic or watercolor for adults or teens. All elementary classes use acrylic and tempera.
NCE’s Holiday Concert will bring the finest classical masterpieces and holiday favorites together for the whole family. The festivities begin with Leroy Anderson’s classic “Sleigh Ride” and “Chanukkah Festival”, music from the Nutcracker and by J.S. Bach.
Outstanding Young Artist