A real estate assessment is Arlington County's appraisal of the value of each piece of real property located in Arlington.
Arlington County's website explains how they performed the 2008 Assessments; their description is below:
The 2008 assessment is an estimate of the fair market value as of January 1, 2008.
Residential assessments were based primarily on neighborhood sales occurring from July 1, 2006 through June 30, 2007, and further refined using sales occurring in the summer and fall of 2007. The real estate tax rate determines the amount of the tax which is levied on the property. A uniform tax rate for all real property is set by the Arlington County Board.
Tax rates in Arlington are expressed in dollars per one hundred dollars of assessed value. For example, in 2007 a tax rate of 81.8 cents per $100.00 would result in a real estate tax of $3,272 on a property assessed at $400,000.
| Tax Rate x Assessment = Tax | ||
| Tax Rate | X Assessment | = Tax |
| $0.818/100 | $400,000 | $3,272 |
| .00818 | $400,000 | $3,272 |
If you have any questions about appraisals, assessments, or anything else associated with buying, selling, or being a homeowner in general, please don't hesistate to call!
Laura Rubinchuk
Keller Williams Realty
703.283.6120
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