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Loudoun assessor projects Middleburg property values up; council to review tax-rate options
Summary
Middleburg — The town manager presented initial property-value estimates from the Loudoun County Office of the Assessor showing further increases in residential and commercial values.
Middleburg — The town manager presented initial property-value estimates from the Loudoun County Office of the Assessor showing further increases in residential and commercial values.
Danny Davis told the council that overall real property values were forecast to increase 7.79% and that equalized value — which measures properties that existed last year and are revalued — rose 5.92% overall. He said equalized single-family detached and townhome values were up more than 11.5% each. Davis said the average single-family home value in Middleburg, when new construction is included, is now over $1 million.
Why it matters: Higher assessed values change the tax base and feed into the town manager’s upcoming budget and tax-rate proposals; the manager said he will present a budget to council on Feb. 27 and follow with tax-rate implications at the council’s second February meeting.
Davis said these numbers are initial estimates from the county assessor and are intended to inform council planning and the manager’s upcoming budget presentation. No council vote occurred on tax-rate adjustments during the meeting; council members took the update for review.
Ending: Staff will return with tax-rate scenarios and formal budget proposals in February.
