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.
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For Immediate Release
Progress for All Announces Inaugural Black Men Vote Virtual Town Hall
Date: April 19, 2024
Contact: Marc M. M. Peters
The Award is available to recent high school graduates and non-traditional students (see the application for more details). Each recipient may be awarded up to $20,000. Applicants are required to submit an online application form as well as a short video application.
The applicant must be an Arlington resident pursuing a career or technical education accredited program, within a high-growth career, that will be completed within two years.
The careers and programs include, but are not limited to:
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Audio, Video, and Sound Engineering Technicians
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Broadcast Technicians
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Commercial Drivers
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Culinary Arts
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Early Childcare Education
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Healthcare
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Information Technology and Computer Science
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Manufacturing and Skilled Trades (including welding, auto and aviation mechanics and technicians)
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Public Safety
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Sweeney Todd
A victim of a gross injustice that robbed him of his wife and child, Sweeney Todd sets about exacting a terrible revenge on society.
