REAL ESTATE ASSESSMENTS OFFICE FINANCE DEPARTMENT PRINCE ... · Real Estate Assessments Office Finance Department Prince William County, Virginia Board of County Supervisors Sean

REAL ES TATE ASSE SSME NTS OFFICE FINANCE DEPART MENT

PRINC E WILLIAM COUNTY, VIRGINIA

Real Estate Assessments Office Finance Department

Prince William County, Virginia

Board of County Supervisors

Sean T. Connaughton Chairman At-Large Corey A. Stewart Occoquan District Martin E. Nohe Coles District Wally E. Covington Brentsville District

Maureen S. Caddigan Vice Chairman Dumfries District John D. Jenkins Neabsco District John T. Stirrup, Jr. Gainesville District Hilda M. Barg Woodbridge District

COUNTY EXECUTIVE

Craig S. Gerhart

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Estate Assessments Office 2006 Annual Report

Management & Fiscal Analyst IIIVictor Molina

Real Estate Assessments Office Organizational Chart as of July 1, 2006

Director of FinanceChristopher E. Martino, CPA

Assistant Director of FinanceSteve Ferlotti

Real Estate Assessments Division ChiefAllison Lindner

Appraiser IISupervisorKen Baxter

Appraiser IISupervisor

John E. Malone, RES


Pam Stepanick


Charlie Tolbert

GIS AnalystDebra Watson-Grady

Financial Systems Analyst I(OIT)

Valerie FawcettTitle ResearcherTheresa Harris

Appraiser IMichelle Turner

Appraiser IDavid Turner

Appraiser ILaura Fallon

Appraiser TraineePam Murray

Appraiser I (part-time)Bridget Affeldt

Appraiser IMick Majdi

Appraiser ITammy Fillgrove

Appraiser IJessika Kontur

Appraiser ILeslie Burke

Appraiser TraineeJohn Oakes

Appraiser TraineeMaryleen Dudley

Appraiser TraineeRichard Cuthbert

Appraiser TraineeAdam Chang

Appraiser TraineeNneka Edwards

Title ResearcherBarbara Hill

Title ResearcherClaire Lapham

Accounting Assistant IAnnette Rivera

Accounting Assistant IBrenda Wilson

Administrative Support Assistant III

Diane Honeycutt

Accounting Assistant IJennifer Fey

Appraiser IICommercial AppraiserIsabel Salumbides-Calangi

Appraiser TraineeLaPointe Crismond

Assessments CoordinatorKerem Oner, CAE

Accounting Assistant IDebra Vedder

Appraiser TraineeDerek Bauckman

Appraiser Trainee(part-time)

Simar Singh

Management & Fiscal Analyst IIIVictor Molina

Accounting Assistant IJennifer Fey

Accounting Assistant IDebra Vedder

Administrative Support Assistant III

Diane Honeycutt

Accounting Assistant IBrenda Wilson

Appraiser IICommercial AppraiserIsabel Salumbides-Calangi

Accounting Assistant IAnnette Rivera

Appraiser TraineeMaryleen Dudley

Appraiser TraineeRichard Cuthbert

Appraiser TraineeAdam Chang

Appraiser TraineeNneka Edwards


Charlie Tolbert

Real Estate Assessments Division ChiefAllison Lindner

Director of FinanceChristopher E. Martino, CPA

Assistant Director of FinanceSteve Ferlotti

Appraiser TraineeSherman Lambert

Assessments CoordinatorKerem Oner, CAE

Appraiser TraineeSherman Lambert

Appraiser TraineeJohn Oakes

Appraiser IJessika Kontur


Pam Stepanick

Appraiser ILeslie Burke

Appraiser I (part-time)Bridget Affeldt


John E. Malone, RES

Appraiser TraineeLaPointe Crismond

Appraiser Trainee(part-time)

Simar Singh

Appraiser TraineeDerek Bauckman

Appraiser ITammy Fillgrove

Title ResearcherClaire Lapham

Appraiser IMick Majdi

Appraiser TraineePam Murray

Appraiser IMichelle Turner

Title ResearcherBarbara Hill

Appraiser IDavid Turner

Appraiser ILaura Fallon

Appraiser IISupervisorKen Baxter

Title ResearcherTheresa Harris

Financial Systems Analyst I(OIT)

Valerie Fawcett

Real

GIS AnalystDebra Watson-Grady


Real Estate Assessments Office 2006 Annual Report

TABLE OF CONTENTS

INTRODUCTION ................................................................................................................. 3 MAINTAINING PROPERTY RECORDS......................................................................... 4 ASSESSING REAL PROPERTY ........................................................................................ 6

Reassessing Existing Properties................................................................................6 Assessment Performance ..........................................................................................9 Assessing New Construction ..................................................................................10 Assessment Notification .........................................................................................12

REAL ESTATE TAX RELIEF PROGRAMS.................................................................. 14

Tax Relief for the Elderly and Disabled .................................................................14 Tax Relief Based on Use Value Assessment ..........................................................17 Partial Tax Exemption for Rehabilitated Real Estate .............................................18

PROVIDING CUSTOMER SERVICE............................................................................. 20

Walk-in Customers .................................................................................................20 Telephone Requests ................................................................................................20 Internet Access........................................................................................................21

REAL ESTATE VALUES .................................................................................................. 22

Landbook Values: Growth and Appreciation .........................................................23 Residential...............................................................................................................24 Apartments ..............................................................................................................27 Commercial and Industrial......................................................................................27 Undeveloped Land ..................................................................................................29 Supplemental Assessments .....................................................................................30 Tax-Exempt Properties ...........................................................................................30

STATISTICAL APPENDIX.............................................................................................A-1

Table 1: History of Property Record Maintenance Activity................................ A-3 Table 2: History of Tax Relief for the Elderly and Disabled............................... A-3 Table 3: History of Appeals Activity................................................................... A-3 Table 4: History of Adjustments.......................................................................... A-3 Table 5: Use Value Assessment Summary .......................................................... A-4 Table 6: Average Assessed Value History of Residential Property .................... A-5 Table 7: Assessed Values and Estimated Market Values .................................... A-5 Table 8: History of the Real Estate Tax Base ...................................................... A-8 Table 9: Public Service and Commercial/Industrial Assessments....................... A-9

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Table 10: Assessment Performance Statistics.................................................... A-10 Table 11A: Growth and Appreciation................................................................ A-11 Table 11B: History of Appreciation Rates......................................................... A-12 Table 11C: History of Growth Rates ................................................................. A-12 Table 11D: History of Residential Appreciation and Inflation.......................... A-13 Table 12: Top Fifty Real Estate Taxpayers –FY2006 ....................................... A-14 Table 13: Tax Rates ........................................................................................... A-15

ADDENDA ......................................................................................................................... B-1

Addendum A: Sample Notice of Reassessment ...................................................B-3 Addendum B: Tax Savings for Rehabilitated Properties......................................B-5 Addendum C: Tax Relief Programs for Elderly and Disabled Persons................B-7 Addendum D: Sample Tax Bill.............................................................................B-9

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Introduction

The Finance Department’s Real Estate Assessments Office is responsible for annually assessing all real property in Prince William County, maintaining property ownership records, and administering the County’s tax relief programs. In order to perform these duties, the Real Estate Assessments Office gathers and maintains data on every property in the County. The Real Estate Assessments Office also collects and analyzes data pertaining to real estate market indicators such as sales and property income and expense data. This information enables staff to assess property at fair market value as required by law.

The Finance Department

provides quality customer service through financial

and fiduciary management

Real estate assessments and taxes are based on the “tax year”, which

coincides with the calendar year. Assessments for 2006 were made effective on January 1, 2006, and were entered into the County’s 2006 landbook. Tax payments are divided into two equal installments. Payment for the first installment is due July 15 and payment for the second installment is due December 5. The County accounts for the revenues from this tax during the fiscal year in which the due dates fall. That is, real estate assessments and taxes for tax year 2006 are recognized as fiscal year 2007 County revenues.

Tax year 2005 (fiscal year 2006) information is presented in this report. Tax year 2006 (fiscal year 2007) information is also presented although supplemental assessments and rollback taxes for tax year 2006 are not yet available and are estimated. All references regarding years are tax (calendar) years rather than fiscal years unless otherwise noted.

The Real Estate Assessments Office performs the following key functions:

• Maintains property records • Reassesses existing properties • Assesses new construction • Facilitates assessment notification and appeal • Administers real estate tax relief programs • Provides quality customer service

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Maintaining Property Records The Real Estate Assessments

Office maintains property records for purposes of assessment and

taxation

The Real Estate Assessments Office is responsible for determining

taxable ownership of property. This requires interpreting all legal documents relating to real estate. The documents (deeds, plats, wills, court orders, etc.) are recorded by the Clerk of Circuit Court in Manassas, Virginia. The recorded documents contain information regarding transfers, consolidations, subdivisions, and other legal changes.

By reading each document, a determination is made whether it affects the taxable ownership, size, or configuration of the property. If it does, the necessary changes are made to property records. In some cases, information contained in the deed is conflicting. The Real Estate Assessments Office may send correspondence to settlement attorneys and title companies documenting a title issue with a deed and requesting clarification. This process ensures up-to-date records with accurate legal descriptions.

There are four types of documents and transactions handled by the Real Estate Assessments Office:

• Wills – instruments recorded upon the death of an individual. They may or may not transfer real estate.

• New Lots – parcels that are created from a subdivision or consolidation of existing land.

• Deeds – legal instruments recorded that convey an estate or interest in real property. One deed may transfer no parcels or several hundred parcels.

• Transfers – legal changes in ownership of property.

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Property record maintenance activity has increased by 10,519 transactions or 50.76% from FY2002 to FY2006.

Property Record Maintenance Activity

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Num

ber o

f Occ

urre

nces

Wills and Deeds 20,725 21,323 23,758 24,368 31,244

FY 2002 FY 2003 FY 2004 FY 2005 FY 2006

Types of Property Maintenance Activity

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Wills 408 404 329 829 1,453

New Lots 4,779 3,701 4,140 4,762 3,710

Deeds 20,317 20,919 23,429 23,539 29,791

Transfers 20,239 21,854 23,822 25,584 22,272

FY 2002 FY 2003 FY 2004 FY 2005 FY 2006

Sales transactions are used as the

basis for valuing most residential properties in the

County

Property maintenance activity increased 51% in the five year period

from FY02 to FY06. Types of property record maintenance activity for the most recent three years are shown above. A more detailed history of property record maintenance activity is shown in the Statistical Appendix, Table 1, page A-3.

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Assessing Real Property Prince William

County has performed annual

assessments of property since

l979

The Real Estate Assessments Office provides services to all taxpayers in the form of accurate, equitable assessments. In this manner, the Real Estate Assessments Office supports the Finance Department’s mission in providing quality customer service through financial and fiduciary management.

Reassessing Existing Properties The Code of Virginia, § 58.1-3252, requires counties to reassess real

estate at least every four years, and § 58.1-3253 authorizes annual and biennial assessments. Prince William County has performed annual assessments of property since l979, when technology made this feasible. Tax policy organizations recommend annual reassessment because assessments at longer intervals may result in large disparities and inequities between properties, especially during periods of rapid changes in the real estate market.

Maintaining equity is a primary

goal when assessing real

estate for taxation Regular reassessment helps maintain equity between properties as

market conditions change. The standard for all assessments in Virginia is established in the Virginia Constitution, Article X, Section 2, which requires assessment at “fair market value”. The only exception to this requirement is for certain agricultural, forestal, horticultural, and open space property in the Use Value Assessment Program (see page 17). The Code of Virginia §58.1-3253 further provides that annual assessments are to be made as of January 1 of each year. To perform equitable assessments, the Real Estate Assessments Office must gather accurate and consistent property information and perform proper analyses of sales and other market indicators.

Data Collection The Real Estate Assessments Office collects information on property descriptions, sales, income and expenses, and other real estate market data. To ensure property descriptions are accurate, County appraisers periodically inspect properties and verify current data. Property characteristics are relatively stable, and physical inspections of each property are not necessary every year. However, physical characteristics such as condition do change

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slowly over time, and properties are reviewed approximately every five years to ensure assessments are based on accurate information.

Sales and income data are the primary data sources for establishing the value of real estate. Sales transactions are used as the basis for valuing most residential properties in the County. Because inaccurate sales information can lead to incorrect conclusions about property values, sales must be reviewed to verify the physical and financial circumstances that led to a particular sale price. Surveys are mailed monthly to verify information on the sale that was obtained from documents at the courthouse. Further review may include a physical inspection of the property to confirm its condition. The review may also include contact with the buyer, seller, or other parties involved in the transaction to verify the presence and amount of unusual financial terms that may have affected the sale price. To aid in valuing commercial and industrial property using the income approach, the Real Estate Assessments Office collects income and expense information from commercial property owners.

Sales and income data are the primary data

sources for establishing the

value of real estate

Analysis of Data The Real Estate Assessments Office analyzes the information about

market activity (sales, income, etc.) and values property based on the real estate market. Properties are reassessed each year. Therefore, each year the most recent sales, income information, and other market factors are studied and values are re-assessed according to the current real estate market.

Several standard appraisal

methods are used to value

property

Application of Results Appraisers use several approaches to value property for assessment

purposes. These approaches are as follows:

Cost Approach: In the cost approach, the improvement value is determined by first estimating the cost to replace the building with a new one, and then subtracting depreciation, which makes the existing building worth less than the cost of a new one. Depreciation can be caused by physical deterioration, functional obsolescence (poor functional design), or by economic obsolescence (effects of factors outside the property such as high traffic). The improvement value is added to the land value to produce total value by the cost approach.

Cost Approach

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Sales Comparison Approach: The sales comparison approach is based on the principle of substitution by comparing a property with similar properties that have sold. In this approach, several similar properties that have recently sold are selected. Each of the sale prices is adjusted for differences between the property that sold and the subject property. This gives an indication of what each of the buyers would likely have paid for their property had it been identical to the subject property.

Sales Comparison Approach

Income Capitalization Approach: The income capitalization approach produces a value indication by converting an income stream into property value. In this approach, the effective gross income of a property is estimated by considering market rents, vacancy rates, and collection losses. Estimated normal operating expenses are deducted to generate an estimate of net operating income. This income is capitalized into an estimate of value by application of an appropriate market capitalization rate. Capitalization rates can be derived from market data by dividing the income stream by sale price. There are also reliable published sources for national, regional, and local capitalization rates within each major commercial sector.

Income Capitalization

Approach

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Assessment Performance The tool used to measure the accuracy of assessments is the

assessment-to-sale ratio, which is calculated by dividing the assessment by the selling price. For example, a single family home assessed for $450,000 that sells for $475,000 has an assessment-to-sale ratio of 94.7%. This ratio is calculated for all valid sales in the County and is used to monitor the level and equity of assessments. The median assessment-to-sale ratio is called the level of assessment. The median (midpoint of arrayed ratios) is used to reduce the effect of outlying ratios.

The overall assessment level has been above 95% for the past

five years

For performance measurement, the Real Estate Assessments Office calculates the internal measure of assessment level based on sales that occurred prior to the assessment date of January 1. The average error is the average percentage each sale deviates from the median ratio or level of assessment. A small average error indicates individual ratios are relatively close to the median ratio. A large average error indicates ratios vary greatly. The following table shows assessment level and error for the most recent five years:

Calendar Year 2002 2003 2004 2005 2006Overall Assessment Level 96.9% 96.5% 96.7% 96.5% 96.1%

7.2%Overall Average Accuracy, measured as average error 6.6% 6.2% 7.9%6.6%

The median level of assessment is the performance statistic published annually in the Assessment/Sales Ratio Study by the Virginia Department of Taxation. The median level of assessment is the most accurate indicator of a locality’s existing assessment/sales ratio. The State calculates the 2005 level of assessment by comparing January 1, 2005 assessed values to sales occurring after January 1, 2005 throughout calendar year 2005. While parcels are assessed as of January 1, the Virginia Department of Taxation study does not adjust for inflation between the start of the year and the actual sales date of parcels. As a result, any appreciation in real estate values during the year acts to understate the assessment to sales ratio. The greater the rate of appreciation, the greater the understatement of the ratio. Equity of assessments is also published in the Assessment/Sales Ratio Study and indicates the uniformity in real property assessment by measuring average error. This information is reported in Table 10 of the Appendix.

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Assessing New Construction Building permit

activity has increased 11% since FY2002

During the year, the Real Estate Assessments Office receives information on building permits issued by the County for new structures, additions, and remodeling of buildings. The Real Estate Assessments Office monitors the progress of activity indicated on the permits. New construction requires field inspections during the construction process for accurate measurements and description. The following tables show the number and estimated dollar amount of building permits issued by the County from FY2002 through FY2006. The data comes from the Construction Activity Report produced by The Department of Public Works.

The total value of new

residential permits has

increased 10% since FY2002

Number of Permits Issued, Taxable Properties

-1,000

1,000

3,000

5,000

7,000

9,000

11,000

13,000

Residential Structuresand Additions

9,832 11,359 11,553 12,326 10,537

Non-Res. Structures andAdditions

467 624 608 725 927

Total 10,299 11,983 12,161 13,051 11,464

FY 2002 FY 2003 FY 2004 FY 2005 FY 2006

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Estimated Dollar Amount of Permits Issued for Structures and Additions, Taxable Properties

$

$100

$200

$300

$400

$500

$600

$700

$800

in millions

New Residential $501,982,735 $723,285,866 $654,194,276 718,148,110 551,634,397

Residential Additions, etc. 46,996,277 58,463,484 69,757,708 89,154,877 221,397,905

New Non-Residential 91,090,568 97,642,905 110,116,427 113,650,930 458,310,242

Non-Residential Additions, etc. 40,882,357 38,115,089 29,417,291 34,553,231 44,401,844

FY 2002 FY 2003 FY 2004 FY 2005 FY 2006

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Assessment Notification The Code of Virginia § 58.1-3330 requires the County to notify

property owners whenever reassessment results in an increase in assessed value. The County has chosen to notify all property owners of reassessment, even if there was a reduction or no change in the value. This notification takes place in March of each year and advises the taxpayer of the previous year’s assessment and the current assessment. (See Addendum A, page B-3 for a sample Notice of Reassessment.)

The Real Estate Assessments

Office mailed out over 127,000 reassessment

notices in 2006

Appeal Procedures Taxpayers who are uncertain about the accuracy of their assessment

on the basis of value or equity with other properties can request a review of their property value. The County appraiser considers market information relative to the property and information provided by the taxpayer. If this information shows the assessed value should be changed, the appraiser makes the necessary adjustment. If the evidence does not support a change, the appraiser explains the reasons for sustaining the assessment.

Taxpayers may also appeal to the Board of Equalization (BOE) or Circuit Court. Taxpayers are not required to appeal to the Real Estate Assessments Office before appealing to the BOE or Circuit Court. The BOE is comprised of eight County taxpayers and is established by the Board of County Supervisors to render an independent third party opinion in cases of disagreement between the taxpayer and the assessing official. Although the BOE is a quasi-judicial board, there is no application fee and an attorney is not required.

Appeal Adjustments As a result of an appeal to the Real Estate Assessments Office, the

BOE, or Circuit Court, an assessment may be revised. Developers may appeal many residential lots at the same time and each lot appealed is counted separately. Upon review, the Real Estate Assessments Office may change any or all of the lot values. Since each lot is counted separately, the number of appeals and the number changed by the assessor may be large and may fluctuate substantially from year to year. Some properties are appealed to both the Real Estate Assessments Office and to the BOE. In tax

Page 12


year 2005 there were no cases appealed in Circuit Court and as of June 30, 2005, there were eight court cases pending.

The table below shows appeal activity for tax year 2001 to tax year 2005. A history of appeals and the resulting adjustments can be found in Table 3 of the Statistical Appendix, page A-3.

Appeal Activity TY 2001 TY 2002 TY 2003 TY 2004 TY 2005Appeals to Assessor 352 254 193 247 197Changed by Assessor 214 98 66 84 81% Changed1 61% 39% 34% 34% 41%Appeals to BOE2&3 85 290 82 95 138Changed by BOE 4 5 8 12 4% Changed1 5% 2% 10% 13% 3%Appeals to Court 0 1 1 1 0Total Appeals 437 437 276 343 335Appeals as % of Total Parcels 0.46% 0.45% 0.27% 0.32% 0.30%

1. May be increase or decrease. 2. 2002 BOE appeals include an appeal of one subdivision with 230 lots. 3. 2004 BOE appeals include an appeal of one subdivision with 44 lots.

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Real Estate Tax Relief Programs Prince William County provides relief from real estate taxes and

personal property taxes for those who are elderly or disabled and meet specified income and net worth requirements. Certain land uses may also qualify for tax relief to encourage preservation of agriculture, forestry, and open space. Lastly, older properties which undergo substantial renovations can receive a partial tax exemption for the increase in taxes caused by the renovation.

In January 2005, the Board of County

Supervisors approved expanded

requirements for Tax Relief

Tax Relief for the Elderly and Disabled Elderly or disabled persons are eligible for relief from all or part of

the real estate taxes on their home and a home site of 1 acre if they meet the following criteria:

• Are over 65 years of age on or before December 31, or are totally and permanently disabled.

• Have less than $340,000 in total assets (residence and up to 25 acres excluded). During calendar year

2006 there were 375 new applicants

accepted in the Tax Relief for the Elderly

and Disabled Program

• Do not exceed the maximum combined income requirements set forth in local ordinances.

The following table summarizes exemptions of 2006 taxes for

different ranges of income. The income ranges are based on the Housing and Urban Development (HUD) low income limit and are adjusted annually. For 2006, the HUD low income limit used was $46,400 and each range is determined using a percentage of that value.

Income Limits for 2006 Tax Relief Program

Combined Percentage ofIncome Tax Relieved

$0-$46,400 100%$46,401-$53,400 75%$53,401-$60,300 50%$60,301-$67,300 25%

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The Real Estate Assessments Office provides information to taxpayers about the tax relief program in the following ways:

The Real Estate Assessments Office

utilizes many communication

methods to reach citizens regarding the Tax Relief Program for the Elderly and

Disabled

o The notice of reassessment is sent to all property owners in March and contains the criteria for tax relief and the deadline for filing (see Addendum A, page B-3).

o The personal property verification forms briefly address the Tax Relief Program.

o Advertisements in the Potomac News and the Washington Post. o Notices are run in each INFOCUS, the County’s newsletter mailed to

all homeowners. o A representative from the Real Estate Assessments Office visits the

Harbour House Senior Citizen Home and Merriwood in Manassas in February to assist applicants in completing the application.

o A representative presents the Program at the Senior Expo at Potomac Mills sponsored by Fire & Rescue and Public Safety.

o A representative presents the program at the Community Leadership Institute in the Spring and Fall.

o A tax relief brochure (in both English and Spanish) containing specific information regarding eligibility and application is available in the Real Estate Assessments Office and various other County agencies (see Addendum C, page B-7), including Finance Department counters and senior citizens' centers.

o The County’s website: www.pwcgov.org

The County sends renewal applications to those who received tax relief the preceding year. Individuals who do not receive an application may request one by calling the Real Estate Assessments Office. Applications are also available on the County’s website.

A summary of real estate tax relief for the elderly and disabled is shown in the following table. Additional historical information about real estate tax relief is provided in the Appendix, Table 2, page A-3.

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http://www.pwcgov.org/


Summary of Tax Relief for the Elderly and Disabled

Real Estate TY2002 TY2003 TY2004 TY2005 TY20062

Households Exempted 827 1,385 1,632 2,220 2,412 Households Deferred 1 139 n/a n/a n/a n/aTotal # of Households 966 1,385 1,632 2,220 2,412 Amount Exempted 1,439,894$ 2,589,472$ 3,317,670$ 5,083,034$ 5,900,724$ Amount Deferred 257,400 n/a n/a n/a n/aTotal Amount Relieved 1,697,294$ 2,589,472$ 3,317,670$ 5,083,034$ 5,900,724$ Avg. Amount Exempted 1,741$ 1,870$ 2,033$ 2,290$ 2,446$ Avg. Amount Deferred 1,852$ -$ -$ -$ -$

Personal PropertyApplicants 1,223 1,506 1,752 2,317 2,583

Notes: • Taxpayers may qualify for real estate tax relief, personal property, or both. • Beginning in 2002, multiple qualifying properties owned by one taxpayer were eliminated and counted as one taxpayer. 1. Deferrals were eliminated with the 2003 program and all income limits were increased to capture anyone who may otherwise been deferred. 2. ● Data as of July 1, 2006. ● Exemption may be 100%, 75%, 50%, or 25%. If the applicant turned 65 or became totally and permanently disabled during calendar year 2006,

the exemption is prorated based on the date the applicant turned 65 or became totally and permanently disabled.

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Tax Relief Based on Use Value Assessment The Prince William County Use Value Assessment Program provides

tax relief to certain agricultural, forestal, horticultural, and open space property owners. The program allows qualifying land to be taxed according to its use value rather than its market value. The State Land Evaluation Advisory Committee (SLEAC) suggests values for land in the program. These values range from $20 per acre to $250 per acre, depending on the type of land. Buildings do not have use value assessments and are therefore assessed at full market value.

The tax difference is deferred, but not automatically forgiven. The deferred tax remains payable for six years. There are currently 794 parcels in the Use Value Assessment Program. The table below shows the market value, the use value, and the taxes deferred for years 2001 through 2006:

Use Value Assessment Summary TY2002 TY2003 TY2004 TY2005 TY2006

Number of Acres 43,487 41,122 38,808 36,717 34,328 Number of Parcels 840 821 808 801 794 Market Value Assessment 307,671,000$ 392,281,700$ 441,901,300$ 576,895,200$ 718,257,600$ Deferred Assessment (240,718,000) (356,825,700) (382,990,900) (511,674,900) (625,407,200)

Use Value Assessment 66,953,000$ 35,456,000$ 58,910,400$ 65,220,300$ 92,850,400$ Deferred Tax (2,960,831)$ (4,139,178)$ (4,098,003)$ (4,656,242)$ (4,740,587)$ Rollback Taxes 1,565,499 1,992,396 1,675,724 953,026 653,590 Net Tax Deferred (1,395,332)$ (2,146,782)$ (2,422,279)$ (3,703,215)$ (4,086,996)$

Notes: • Rollback tax for TY2005 was updated, and deferred taxes and tax rate for TY2005 were corrected from the 2005 Annual Report. • Rollback tax for TY2006 is an estimate (as estimated in the Revenue Forecast, FY06-10, by the Finance Department).

When property owners of land in the Use Value Assessment Program change the use to a non-qualifying use or re-zone their property to a more intensive zoning, they must pay a “rollback tax”, which is the difference between the property’s market value and its use value for the current year and the five most recent complete tax years (including interest.)

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Real Estate Assessments Office 2006

Partial Tax Exemption for Rehabilitated Real Estate An ordinance enacting a partial tax exemption for real estate that is

substantially repaired, rehabilitated, or replaced became effective on January 1, 1998. The program is intended to encourage owners of older properties to improve the condition and appearance of their properties. All improved property types are eligible for the exemption. The rehabilitation or replacement structure must increase the value of the original structure by at least 25% to qualify for the exemption. Minimum age and maximum size increase requirements depending on property type must also be met. Applications and information are available on the County’s website.

The Board of County Supervisors

adopted the Tax Rehabilitation

Program to encourage owners of older properties

to improve the condition and

appearance of their properties

The tax exemption for properties in the rehabilitation program is applied over a fifteen-year period. The total tax saving is equal to 100% of the exemption each year for the first ten years. Over the next five years the tax savings is reduced and the exemption is phased out as follows: 80% in year 11, 60% in year 12, 40% in year 13, 20% in year 14, and 0% in year 5. The tax exemption is transferable to a new property owner during the program period.

The following is an example of a rehabilitated property participating in the program:

Before Rehabilitation

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After Rehabilitation

Summary of Tax Exemption for Rehabilitated Real Estate

2001 2002 2003 2004 2005 2006Residential 1999 2,988$ 2,988$ 2,988$ 2,988$ 2,988$ $ 2,988 Commercial 2000 59,990 59,990 59,990 59,990 59,990 59,990 Commercial 2000 4,086 4,086 4,086 4,086 4,086 4,086 Commercial 2000 334 334 334 334 334 334 Commercial 2000 3,546 3,546 3,546 3,546 3,546 3,546 Commercial 2001 1,910 1,910 1,910 1,910 1,910 1,910 Residential 2001 458 458 458 458 458 458 Residential 2001 2,647 2,647 2,647 2,647 2,647 2,647 Residential 2001 385 385 385 385 385 385 Residential 2002 339 339 339 339 339 Residential 2002 1,451 1,451 1,451 1,451 1,451 Residential 2003 443 443 443 443 Residential 2003 386 386 386 386 Residential 2003 549 549 549 549 Residential 2004 635 635 635 Residential 2004 703 703 703 Residential 2004 289 289 289 Residential 2004 519 519 519 Residential 2005 238 238 Residential 2005 496 496 Residential 2006 692 Residential 2006 1,208

$ 76,342 $ 78,133 $ 79,511 $ 81,657 $ 82,390 $ 84,290

Year Exemption

Began

Property Type

Tax Savings Year

Total Tax Savings

Page 19


Providing Customer Service The Real Estate Assessments Office provides services to all taxpayers

in the form of accurate, equitable assessments. In addition, each year the Real Estate Assessments Office provides direct assistance to thousands of citizens on an individual basis. One of the most direct forms of customer service is responding to appeals by taxpayers who are not certain their assessment is correct. Taxpayer appeals are explained in the “Appeal Procedures” section, page 12. Several other direct customer services provided by the Real Estate Assessments Office are as follows:

The Real Estate Assessments

Office pledges to do the right thing for the customer

and the community every

time

Walk-in Customers The Real Estate Assessments Office has two main types of walk-in

customers: taxpayers and real estate professionals. When taxpayers come to the Real Estate Assessments Office for assistance with understanding and applying for tax relief programs, the office staff works directly with them. The Real Estate Assessments Office also has brochures about tax relief for rehabilitated properties (see Addendum B, page B-5) and tax relief for the elderly and disabled (see Addendum C, page B-7). Appraisers and real estate agents use the Real Estate Assessments Office sales lists and on-line access to the assessment database for research purposes.

Telephone Requests Many citizens call for information about the method of assessment used

in valuing their property or about tax due dates and other general facts. The Real Estate Assessments Office also provides tax professionals ownership, tax and property data.

Page 20


Internet Access Real estate assessment information is available free-of-charge on the County’s website. Ownership information, physical descriptions, sales history, and assessment history for each property in the County are provided on the website at http://www.pwcgov.org/realestate. The County’s Internet statistics reports consistently demonstrate that the Real Estate Assessments Office has the highest number of views (a count of hits to pages) and visitor sessions within the County’s website. A summary of customer service activity is shown in the following table:

“Landrover” is the most widely used

application on the County’s Website

FY2002 FY2003 FY2004 FY2005 FY2006Walk-in Customers 1,064 1,535 1,741 2,235 2,454 Citizen/Public Agency Calls 19,255 22,277 21,859 18,519 20,360 Internet User Sessions 401,272 714,588 795,739 860,370 824,531 Total 421,591 738,400 819,339 881,124 847,345

Notes: A user session is a session of activity (all hits) for one user of the website. By default, a user session is terminated when a user is inactive for more than thirty minutes.

Real Property Assessments Internet System

Page 21


Real Estate Values For the purpose of comparing and analyzing real estate assessments,

property in the County has been divided into several categories. The following table compares assessed values for each type of property for tax years 2005 and 2006. Landbook values are assessments as of January 1. Supplemental assessments and State-valued public service assessments are added to the landbook to form the total real estate tax base for the County. The assessed values of tax-exempt properties are added to taxable properties to show the total assessed value of real property in the County.

The total taxable value of the Land-

book increased 33% from

January 1, 2005 to January 1, 2006

Landbook Values from 2006 to 2007 2005 2006 Percentage

Assessed Value Assessed Value ChangeTaxable Landbook

Residential 35,545,112,500$ 47,981,517,800$ 35.0Apartments 1,321,238,000 1,580,146,900 19.6Commercial and Industrial 4,659,140,600 5,624,066,700 20.7Undeveloped Land 274,871,400 427,927,900 55.7

Total Taxable Landbook 41,800,362,500 55,613,659,300 33.0Supplements (1)

Residential 598,562,000 598,562,000 Apartments 16,977,100 16,977,100 Commercial and Industrial 62,797,100 62,797,100 Undeveloped Land 7,624,100 7,624,100

Total Supplements 685,960,300 685,960,300 0.0Public Service (2) 1,253,505,608 1,266,040,664 1.0Total Tax Base 43,739,828,408 57,565,660,264 31.6

Rollbacks (3) 104,728,165 86,225,615 Tax Exempt 2,567,585,100 3,049,599,300 18.8Deferred Use Value (4) 511,674,900 625,407,200 22.2Total County Value 46,923,816,573$ 61,326,892,379$ 30.7

Notes: 2005 and 2006 Assessed Values form the basis for FY2006 and FY2007 revenues, respectively. 1. Supplements are taxes billed for construction completed during the year. Supplemental assessments include prorated

assessments on newly completed construction and prorated assessments for properties which become taxable during the year. Supplements 1, 2 and 3 for 2006 are not currently available. The values shown are estimated.

2. Public Service assessments are received by the County from the State in September of each year. 2006 Public Service assessment is estimated.

3. Rollbacks account for properties that were eliminated from the use value program due to re-zoning or development. Rollbacks for 2006 are estimated and are calculated using the base tax rate of $0.758 per $100 of assessed value.

4. Deferred use value is the difference between the market value and use value of properties in the Use Value Assessment Program.

Page 22


Composition of Tax Base—2006 Assessed Values

Residential84%

Undeveloped Land1%

Commercial10%

Public Service2%

Apartments3%

Each year, changes in the Landbook are attributed to growth

and appreciation

Landbook Values: Growth and Appreciation

The 2006 landbook contains assessed values for all properties in the County as of January 1, 2006. The following categories of assessments are not included in the landbook:

• Assessments for state-valued public service properties (these are received from the State in September each year)

• Supplemental assessments (these are made after January 1, 2006)

Each year, changes in landbook values for each category can be divided into two main influences: growth and appreciation. Changes in value due to growth result from the construction of new buildings and from land subdivisions. As the table on the following page shows, the residential, apartments, and commercial categories experienced positive growth. Subdivisions and reclassification caused negative growth in undeveloped land.

Changes in value due to appreciation are the result of changes in real estate market conditions, changes in property descriptions, physical deterioration, renovations, and additions. For the 2006 landbook, these factors caused existing residential, commercial, apartment properties, and undeveloped land to increase in value. Overall, the landbook value increased 7.07% for growth and 25.97% for appreciation, resulting in a total increase of 33.05% in the 2005 landbook value.The table below shows the 2005 to 2006

Page 23


landbook changes attributable to growth and appreciation. Detailed and historical data are in the Statistical Appendix page A-11.

Changes in Landbook Percent Percent TotalValues - 2005 to 2006 Growth Appreciation Percent ChangeResidential 7.79 27.20 34.99 Apartments 7.72 11.88 19.60 Commercial/Industrial 3.44 17.27 20.71 Undeveloped Land (26.75) 82.44 55.68 Total Landbook 7.07 25.97 33.05

Landbook values including new and existing residential properties increased

over 34%

Residential

The residential category includes improved and unimproved parcels zoned for residential use except multifamily rental apartment units. Improved parcels in this category are single family homes, townhouses, and condominiums. Total landbook value for residential properties increased 34.99% between 2005 and 2006. Growth caused a 7.79% increase in the residential assessed value. There were 5,641 new residential units with an average value of $548,355 added to the tax base for tax year 2006. Appreciation caused the remaining 27.20% increase in the residential landbook. The table below shows the landbook value of residential property for the last five years and the following page shows the composition of the residential category, the composition of new construction, and the average assessed values of residential properties.

Residential Landbook Assessments % ChangeCalendar Year2002 $17,265,443,000 25.72%2003 $21,700,870,500 25.69%2004 $27,093,333,200 24.85%2005 $35,545,112,500 31.20%2006 $47,981,517,800 34.99%

Page 24


Types of Residential Property - 2006 Landbook

Townhouses20.8%

Other0.1%

Vacant Land3.8%

Condominiums3.3%

Single Family71.9%

Notes: This table is not a count of dwelling units in the County. Some parcels in the Single Family category may have more than one dwelling unit. New homes that were partially built as of January 1, 2006 are counted as if they were complete, although their value is discounted depending on the level of completion. Tax-exempt properties and apartment units are not included in this table.

Of the 5,641 new homes built in the County during 2006, 90% were single-family homes and townhouses assessed at over $300,000 for tax year 2006. The average assessment of all residential new construction increased from $446,679 in 2005 to $548,355 in 2006. The following table shows the breakdown of new homes by type and value:

Type of NewResidential Count Average Count Average Count Average Single Family 3,780 616,954$ - -$ 3,780 616,954$ Townhouses 1,341 421,479 2 268,250 1,343 421,251 Condominiums 470 388,160 48 271,010 518 377,304 Total Residential 5,591 550,836 50 270,900 5,641 548,355

Average Residential Real Estate Tax for New Homes (Tax Rate = $0.758 per $100) 4,157$

New Units Over $300,000 New Units Under $300,000 All New Units

Note: This table includes residential homes completed during 2005. Homes partially built as of January 1, 2006 have been excluded.

Page 25


As of January 1, 2006, all types of existing residential properties experienced increases in average assessed value. Listed below are the average assessments of residential dwelling types for the last five years.

As of January 1, 2006, the average

residential assessment was above $429,000

Average Residential Assessments by Type

2002 2003 2004 2005 2006Single Family Detached 224,474$ 263,961$ 309,307$ 381,548$ 487,255$ Townhouses 133,259$ 161,247$ 195,017$ 251,764$ 330,359$ Condominiums 91,495$ 110,323$ 133,597$ 182,287$ 257,384$ All Types 189,946$ 225,149$ 266,502$ 333,510$ 429,745$ Note: These averages do not include tax-exempt properties, vacant lots, residences on commercial or agricultural land, parcels with more than one residence, or houses that were partially complete as of January 1, 2006.

Comparison of Average Residential Assessments by Type

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

Single FamilyDetached

Townhouses Condominiums All Types

2002 2003 2004 2005 2006

The average single family dwelling value was over $487,000 as of January 1, 2006

New houses can influence the overall average assessed value of all homes positively or negatively, depending on the size, quality, and type of new construction. In general, new houses are more expensive than typical existing houses in the County and therefore cause an increase in the overall average assessed value. As a result, even if market factors or physical deterioration cause a decline in the value of existing properties, construction of new units may cause the overall average value to increase. In recent years, there has been a general upward trend of average values in residential properties in the County. A ten-year history of average values is included in the Statistical Appendix, Table 6, page A-5.

Page 26


Apartments Apartments include residential rental and vacant land zoned for

apartments. The unit count for 2006 including the small apartment complexes is 16,776, and the average assessment per unit is $92,237.

Apartment values increased 19.60% from 2005 to 2006, as compared to a 12.08% increase from 2004 to 2005. Appreciation of existing apartments accounted for 11.88% of the increase, while growth contributed the remaining 7.72% increase. The following table is a summary of apartment unit information for the last five years, excluding vacant land:

Apartment Summary 2002 2003 2004 2005 2006Number of Apartment Parcels 189 219 219 181 194 Number of Apartment Units 14,296 15,382 15,575 16,239 16,776 Average Assessment per Unit 61,301$ 66,119$ 74,023$ 79,622$ 92,237$ Improved Parcels Only 876,354,500 1,017,045,300 1,152,907,000 1,292,986,000 1,547,362,100 Undeveloped Apartment Land 16,598,100 13,927,600 25,878,400 28,252,000 32,784,800 Total Landbook Values 892,952,600$ 1,030,972,900$ 1,178,785,400$ 1,321,238,000$ 1,580,146,900$ Notes: • Tax-exempt properties are not included in this table. • 2005 figures were corrected.

Commercial and Industrial

Locally-Valued Properties The assessed value of

commercial and industrial properties

increased 20.71% from 2005 to 2006

Locally-valued commercial and industrial properties consist of all non-residential uses such as retail, office, hotel, industrial, warehouse, and vacant parcels with commercial or industrial zoning. Properties owned by public service companies such as utility companies and railroads are valued by the state but taxed locally.

Locally assessed commercial and industrial property values increased 20.71% from 2005 to 2006, as compared to 21.60% from 2004 to 2005. Over 2.1 million square feet of commercial space was completed during 2005. Over three quarters of the new commercial square footage was built within the retail and industrial sectors. Several new office buildings and condominiums were completed adding a total of 441,381 square feet within the office sector during 2005. There were several special use properties such as taxable schools and golf course facilities completed during 2005, adding a total of 40,000 square feet and over 100,000 square feet were added to the technology services sector. The table below contains landbook assessment information about locally assessed commercial properties overall.

Page 27


Commercial/IndustrialLandbook Values2002 3,115,383,400 12.84%2003 3,257,842,100 4.57%2004 3,831,406,100 17.61%2005 4,659,140,600 21.60%2006 5,624,066,700 20.71%

Total Percent Change

Note: State-valued public service properties are not included in this category.

State-Valued Public Service Properties State-valued public service properties are assessed by the State

Corporation Commission (SCC) and the Virginia Department of Taxation. The SCC assesses all telecommunications companies, water corporations, intrastate gas pipeline distribution companies, and electric light and power corporations. The Virginia Department of Taxation assesses railroads and interstate pipeline transmission companies. The County receives these assessed values in September of each year and then bills and collects taxes. Since the assessments are not available when first half tax bills are due on July 15, the first half taxes are based on the prior year assessment and adjusted on the second half tax bill. The table below shows the total assessed values for Public Service properties. A more detailed history of values for Public Service properties can be found in Table 9 and Table 11-A.

Public Service Assessed Value2002 901,202,4222003 945,931,0592004 1,249,775,2692005 1,253,505,6082006 1,266,040,664 Note: 2005 figure was corrected from the 2005 Annual Report. Public service assessments for 2006 are not available. This value is an estimate from the Finance Department Revenue Forecast.

The following table and chart compare 2006 landbook values of

different types of locally and state-valued properties.

Page 28


Comparison of Types of Commercial/Industrial Property 2006 Landbook

State Valued17%

Vacant Land12%

Other7%

Technology Services

2%Industrial

12%Hotels

3%

Offices9%

Retail38%

Locally Assessed Retail 1,244 2,662,211,300$ 38.6% Offices 930 588,922,200 8.5% Hotel 36 174,462,600 2.5% Industrial 472 812,481,300 11.8% Technology Services 4 132,237,800 1.9% Other 475 460,739,500 6.7% Vacant Land 1,246 793,012,000 11.5%Total Locally Assessed 4,407 5,624,066,700$ 81.6%Total State Valued 1,266,040,664 18.4%Total Commercial/Industrial 6,890,107,364$ 100.0%

Commercial/Industrial Property Types

Number of Parcels

Value, 2006 Landbook

Percent of Total Commercial/Ind.

Note: Public service assessments for 2006 are not available. This value is estimated as in the Revenue Forecast, FY06-10, by the Finance Department.

Undeveloped Land Undeveloped land consists of large acreage tracts of farm land and other undeveloped properties greater than twenty acres. From 2005 to 2006, there was a 55.68% increase in value compared to a 6.6% increase from 2004 to 2005, and a 14% increase from 2003 to 2004. The current increase is attributed to a 82.44% appreciation offset by a 26.75% growth reduction due to

Page 29


rezoning and subsequent subdivision of vacant land. The following table reflects the landbook values of this category for 2002 through 2006.

Vacant Land Values2002 249,277,100$ 2003 225,876,8002004 257,766,7002005 274,871,4002006 427,927,900

Some of these undeveloped parcels qualify for the Use Value Assessment Program and are not taxed at market value. These values typically range from $20 to $250 per acre (see “Tax Relief Based on Use Value Assessment,” page 17 for more information).

Supplemental Assessments Supplemental assessments include prorated assessments on newly

completed construction and prorated assessments for properties which become taxable during the year. When construction is completed during the year, the increase in assessed value between the January 1 assessment and the completed value is prorated based on the number of months the property is substantially completed or fit for use and occupancy. The owner of the property receives a supplemental tax bill for the prorated increased value.

Supplemental Assessments2002 366,318,900$ 2003 394,492,7002004 528,980,3002005 685,960,3002006 (Estimated) 685,960,300

Tax-Exempt Properties The Code of Virginia § 58.1-3200 requires the County to place an

assessment on all property except road rights-of-way and State-valued public service properties. Therefore, the County is required to assess all tax-exempt properties. For 2006, there were 1,859 tax-exempt parcels consisting of federal, state, and County-owned properties, as well as properties owned by churches, schools, and other tax-exempt organizations.

Page 30


Tax-exempt properties are less

than 5% of the total County tax base

The total assessed value of exempt properties for 2006 is $3,049,599,300 and the total amount of taxes exempted is $23,115,963. A summary of the assessed values of tax-exempt properties by category for 2002 through 2006 and a chart showing the relative proportion of each category of tax-exempt properties for 2006 follows.

Religious8%

Educational6%

Other2%Charitable

2% Federal31%

State 5%

Regional1%

Local45%

Values of Tax Exempt PropertiesCalendar Years 2002 2003 2004 2005 2006Federal 530,630,700$ 418,998,100$ 738,824,400$ 750,911,100$ 947,685,300$ State 99,841,500 105,556,900 112,161,800 132,510,500 156,161,600 Regional 18,014,400 19,148,900 21,326,200 24,380,500 22,757,800 Local 780,837,100 909,128,500 1,058,180,900 1,170,487,700 1,365,215,800 Religious 151,009,400 163,432,100 184,271,600 216,548,800 248,070,000 Charitable 25,748,900 28,814,000 34,500,400 46,352,900 50,892,500 Educational 11,578,900 13,650,600 34,189,200 174,780,000 197,547,100 Other 28,839,900 36,813,800 40,538,500 51,613,600 61,269,200 Total Tax Exempt 1,646,500,800$ 1,695,542,900$ 2,223,993,000$ 2,567,585,100$ 3,049,599,300$

% of Total County Value 6.63% 6.63% 6.11% 5.48% 4.97%

Page 31


Statistical Appendix

A-1


Table 1: History of Property Record Maintenance Activity

FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006Wills 450 473 520 550 580 408 404 329 829 1,453New Lots 2,238 2,945 2,130 3,189 3,867 4,779 3,701 4,140 4,762 3,710Deeds 9,631 10,438 12,120 12,941 16,100 20,317 20,919 23,429 23,539 29,791Transfers* n/a 14,381 14,243 14,831 16,652 20,239 21,854 23,822 25,584 22,272

*Data for transfers not tracked prior FY1998.

Table 2: History of Tax Relief for the Elderly and Disabled

TY 1997 TY 1998 TY 1999 TY 2000 TY 2001 TY 2002 TY 2003 TY 2004 TY 2005 TY 2006Real EstateNumber Exempted 730 682 731 712 864 827 1,385 1,632 2,220 2,412Amount Exempted $952,411 $905,620 $1,010,781 $998,470 $1,176,134 1,439,894$ 2,589,472$ 3,317,670$ 5,083,034$ 5,900,724$ Number Deferred 163 211 188 204 131 139 n/a n/a n/a n/aAmount Deferred $210,384 $274,127 $254,824 $297,292 $207,490 $257,400 n/a n/a n/a n/aPersonal PropertyNumber Exempted* n/a n/a 1,203 1,234 1,217 1,223 1,506 1,752 2,317 2,583

*Not Available Prior FY 1999.

Table 3: History of Appeals Activity

TY 1996 TY 1997 TY 1998 TY 1999 TY 2000 TY 2001 TY 2002 TY 2003 TY 2004 TY 2005Appeals to Assessor 835 616 376 736 624 352 254 193 247 197Changed by Assessor* 607 317 292 373 517 214 98 66 84 81% Changed 73% 51% 78% 51% 83% 61% 39% 34% 34% 41%Appeals to BOE 415 615 334 126 141 85 290 82 95 138Changed by BOE** 189 42 42 50 18 4 5 8 12 4% Changed 46% 7% 13% 40% 13% 5% 2% 10% 13% 3%Appeals to Court 16 8 2 2 1 0 1 1 1 0Total 1,266 1,239 712 864 766 437 545 276 343 335

*May have been decrease or increase. **2002 BOE Appeals included an appeal of a subdivision with 230 lots. 2004 BOE appeals included an appeal of one subdivision with 44 lots.

Table 4: History of Adjustments TY 1996 TY 1997 TY 1998 TY 1999 TY 2000 TY 2001 TY 2002 TY 2003 TY 2004 TY 2005

Number Adjusted 725 385 416 808 858 746 638 447 504 392Tax Amt. Reduced $1,332,849 $1,034,111 $1,244,595 $829,138 $707,867 $1,258,958 $923,841 $790,081 $1,066,612 $1,254,980

Note: These numbers include all adjustments as a result of appeals and highway takings.

A-3

Table 5: Use Value Assessment Summary

Year # of Parcels Acres Market Value

AssessmentUse Value

AssessmentAssessment Reduction

Percent Reduction

Tax Rate per $100

Tax Reduction

Rollback Taxes*

Net Annual Deferral

1997 849 50,796 $302,470,900 $47,371,000 $255,099,900 84.34 1.36 $3,469,359 $1,221,495 $2,247,8641998 841 49,481 293,863,600 47,168,900 246,694,700 83.95 1.36 3,355,048 356,859 2,998,1891999 867 49,853 299,518,000 45,764,900 253,753,100 84.72 1.36 3,451,042 223,779 3,227,2642000 862 47,296 292,415,900 40,347,300 252,068,600 86.20 1.34 3,377,719 366,864 3,010,8562001 856 45,326 280,506,300 37,887,100 242,619,200 86.49 1.30 3,154,050 1,667,785 1,486,2652002 840 43,487 307,671,000 37,426,100 240,718,000 78.24 1.23 2,960,831 1,565,499 1,395,3322003 821 41,122 392,281,700 35,456,000 356,825,700 90.96 1.16 4,139,178 1,992,396 2,146,7822004 808 38,808 441,901,300 58,910,400 382,990,900 86.67 1.07 4,098,003 1,675,724 2,422,2792005 801 36,717 576,895,200 65,220,300 511,674,900 88.69 0.91 4,656,242 953,026 3,703,2152006 794 34,328 718,257,600 92,850,400 625,407,200 87.07 0.76 4,740,587 653,590 4,086,996

*2006 rollback taxes are estimated.

A-4

Table 6: Average Assessed Value History of Residential Property

Year Single Family and Duplexes Townhouses Condominiums All Residential Percent

ChangeTotal Number

of Units*1997 $149,867 $97,802 $72,319 $129,831 -1.97% 71,3791998 153,564 98,953 73,416 132,435 -3.22% 73,6411999 160,347 99,785 73,264 136,841 3.33% 76,0092000 170,719 103,867 74,778 144,979 5.95% 79,0972001 189,567 112,962 78,672 160,116 10.44% 82,2732002 224,474 133,259 91,495 189,946 18.63% 86,2692003 263,961 161,247 110,323 225,149 18.53% 90,7882004 309,307 195,017 133,597 266,502 18.37% 95,4692005 381,548 251,764 182,287 333,510 25.14% 100,4622006 487,255 330,359 257,384 429,745 28.86% 106,014

* The units included in this table are all residential properties in the Single Family Detached, Duplex, Townhouse and Condominium categories. Houses on commercially zoned or agricultural parcels and houses that were partially complete as of January 1, 2006 are not included. Tax exempt properties and parcels owned by homeowners associations are also not included. The difference between the unit counts in successive years does not always equal the number of new houses added since during reassessment some properties are reclassified to or from a non-residential type.

Average Assessed Value—All Residential

1997-2006

Table 7: Assessed Values and Estimated Market Values

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006-5%

0%

5%

10%

15%

20%

25%

30%

35%

Average Overall Ass ssmente% Change

A-5

--------------Residential-------------- --------------Apartments-------------- -------------Commercial-------------

Estimated Estimated Estimated Assessed Market Assessed Market Assessed Market

Year Value (1) Ratio (2) Value Value Ratio Value Value Ratio Value1996 9,485,586,185 93.75% 10,118,012,026 529,799,000 93.80% 564,817,697 1,953,576,715 89.23% 2,189,372,089

1997 9,860,168,457 94.62% 10,421,211,481 549,714,725 94.88% 579,378,926 2,012,226,900 91.06% 2,209,781,353

1998 10,369,909,600 94.20% 11,007,854,687 617,458,900 94.44% 653,810,779 2,160,783,700 90.01% 2,400,604,044

1999 11,098,693,500 92.71% 11,971,432,711 643,008,800 93.04% 691,110,060 2,257,215,900 92.17% 2,448,970,272

2000 12,227,392,600 88.74% 13,778,393,691 665,511,800 93.78% 709,652,165 2,473,855,100 89.57% 2,761,923,747

2001 13,995,424,800 82.38% 16,989,397,840 770,902,200 82.36% 936,015,299 2,797,877,700 75.35% 3,713,175,448

2002 17,609,309,900 81.81% 21,524,642,342 895,236,300 81.77% 1,094,822,429 3,135,551,700 74.21% 4,225,241,477

2003 22,066,665,100 82.23% 26,835,297,458 1,036,502,100 82.23% 1,260,491,426 3,279,610,800 82.23% 3,988,338,563

2004 27,573,301,100 76.50% 36,043,530,850 1,190,201,200 92.85% 1,281,853,743 3,868,983,500 71.59% 5,404,363,040

2005 36,143,674,500 96.11% 37,606,570,076 1,338,215,100 95.00% 1,408,647,474 4,721,937,700 91.35% 5,169,061,522 1. Assessed values include landbook values plus all supplements. 2. Ratios are from the Department of Taxation Sales Ratio Study. Since the ratios for the two most current years are not available, estimates from the Real Estate Assessments

Office are reported. Note: Where no ratio is calculated because of insufficient sales, the County average is used.

A-6

Table 7: Assessed Values and Estimated Market Values (cont.)

--------------Land------------- -----------------Public Service------------- --------------------Totals--------------------

Use Estimated Estimated Public Estimated Total Total Total Total Value Market Use Market Service Market Use Value Market Estimated Estimated

Year Assm't (3) Assm't Ratio Value Value Equal Ratio Value Assessment (4) Assessment Ratio Use Value Market Value1996 515,215,493 783,215,893 93.80% 549,270,248 834,984,961 825,728,680 93.80% 880,307,761 13,309,906,073 13,577,906,473 93.08% 14,301,779,822 14,587,494,534

1997 541,820,016 796,919,916 94.88% 571,058,196 839,924,026 830,430,439 94.88% 875,242,874 13,794,360,537 14,049,460,437 94.13% 14,656,672,829 14,925,538,660

1998 468,798,700 715,493,400 94.44% 496,398,454 757,616,900 866,813,779 94.44% 917,846,018 14,483,764,679 14,730,459,379 93.60% 15,476,513,982 15,737,732,428

1999 421,488,000 675,241,100 93.04% 453,018,057 725,753,547 871,897,315 93.04% 937,120,932 15,292,303,515 15,546,056,615 92.68% 16,501,652,032 16,774,387,522

2000 378,120,400 630,189,000 88.96% 425,045,414 708,395,908 877,768,069 88.96% 986,699,718 16,622,647,969 16,874,716,569 89.07% 18,661,714,734 18,945,065,229

2001 337,530,000 580,149,200 82.36% 409,822,729 704,406,508 887,525,905 82.31% 1,078,272,269 18,789,260,605 19,031,879,805 81.26% 23,126,683,585 23,421,267,364

2002 249,277,100 489,995,100 81.77% 304,851,535 599,235,783 901,202,422 81.77% 1,102,118,652 22,790,577,422 23,031,295,422 80.68% 28,251,676,435 28,546,060,683

2003 227,277,000 584,102,700 82.23% 276,391,828 710,327,982 945,931,059 82.23% 1,150,347,877 27,555,986,059 27,912,811,759 82.23% 33,510,867,152 33,944,803,307

2004 257,785,900 640,776,800 54.48% 473,175,294 1,176,168,869 1,249,775,269 76.50% 1,633,693,162 34,140,046,969 34,523,037,869 75.81% 44,836,616,088 45,539,609,663

2005 282,495,500 794,170,400 96.11% 293,929,352 826,314,015 1,253,505,608 96.11% 1,304,240,566 43,739,828,408 44,251,503,308 95.54% 45,782,448,989 46,314,833,652 (3) Certain agricultural and forestal land is granted special use value assessment. (4) Figures do not include rollbacks.

A-7

Table 8: History of the Real Estate Tax Base*

Amount Percent Amount Percent Amount Percent Amount PercentResidential 11,099$ 72.58 12,227$ 73.56 13,995$ 74.49 17,609$ 77.27 Apartments 643 4.20 666 4.00 771 4.10 895 3.93 Commercial/Ind. 2,257 14.76 2,474 14.88 2,798 14.89 3,136 13.76 Agricultural 421 2.76 378 2.27 338 1.80 249 1.09

Total Local 14,420 94.30 15,745 94.72 17,902 95.28 21,889 96.05 Public Service 872 5.70 878 5.28 888 4.72 901 3.95

Total 15,292$ 100.00 16,623$ 100.00 18,789$ 100.00 22,791$ 100.00

----------2001--------------------1999---------- ----------2000------------ ----------2002----------

Amount Percent Amount Percent Amount Percent Amount PercentResidential 22,067$ 80.08 27,573$ 80.77 36,144$ 82.63 48,580$ 84.39 Apartments 1,037 3.76 1,190 3.49 1,338 3.06 1,597 2.77 Commercial/Ind. 3,280 11.90 3,869 11.33 4,722 10.80 5,687 9.88 Agricultural 227 0.82 258 0.76 282 0.65 436 0.76

Total Local 26,610 96.57 32,890 96.34 42,486 97.13 56,300 97.80 Public Service 946 3.43 1,250 3.66 1,254 2.87 1,266 2.20

Total 27,556$ 100.00 34,140$ 100.00 43,740$ 100.00 57,566$ 100.00

----------2006--------------------2005--------------------2004--------------------2003----------

*Assessments include original landbook plus supplements. Note: All amounts are in millions. Supplements are estimated for 2006.

A-8

Table 9: Public Service and Commercial/Industrial Assessments As a Percentage of the Tax Base

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Public Service 6.02% 5.98% 5.70% 5.28% 4.72% 3.95% 3.43% 3.66% 2.87% 2.20%Commercial/Ind. 14.59% 14.92% 14.76% 14.88% 14.89% 13.76% 11.90% 11.33% 10.80% 9.88%Apartments 3.99% 4.26% 4.20% 4.00% 4.10% 3.93% 3.76% 3.49% 3.06% 2.77%Total 20.61% 20.90% 20.46% 20.16% 19.61% 17.71% 15.33% 14.99% 13.66% 12.08%

Notes: Supplements are included. Supplements for 2006 are estimated.

0%

5%

10%

15%

20%

25%

30%

Perc

enta

ge o

f Tax

Bas

e

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Commercial/Ind. Public Service Apartments

A-9

Table 10: Assessment Performance Statistics

Level of Assessments(1)

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005(4) Standard (3)

Residential Urban 94.06% 95.28% 95.20% 93.43% 89.31% 82.55% 81.81% 82.22% 76.47% 96.19% 100.00%Residential Suburban 92.14% 91.78% 89.90% 88.77% 85.14% 80.98% 81.81% 82.44% ** ** 100.00% Weighted Average (Residential) 93.75% 94.62% 94.20% 92.71% 88.74% 82.38% 81.81% 82.22% 76.50% 96.11% 100.00%Apartment * * * * * * * * * * 100.00%Commercial/Industrial 89.23% 91.06% 90.01% 92.17% 89.57% 75.35% 74.21% 82.23% 71.59% 91.35% 100.00%Agricultural * * * * * * * * * * 100.00%Overall Median 93.80% 94.88% 94.44% 93.04% 88.96% 82.31% 81.77% 82.23% 76.50% 96.11% 100.00%

Equity of Assessments(2)

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Standard (3)

Residential Urban 6.75% 5.50% 5.98% 5.91% 6.46% 7.34% 8.52% 7.77% 9.39% 6.86% 10.00%Residential Suburban 9.03% 10.37% 10.41% 10.71% 11.33% 12.55% 13.63% ** ** ** 10.00% Weighted Average (Residential) 7.12% 6.42% 6.81% 6.65% 7.12% 7.91% 9.04% ** ** ** 10.00%Apartment * * * * * * * ** ** ** 15.00%Commercial/Industrial 31.07% 17.86% 28.13% 24.59% 22.86% 28.60% 28.61% ** 22.65% 13.23% 15.00%Agricultural * * * * * * * ** ** ** 20.00%Overall Equity 7.48% 6.87% 7.50% 7.06% 7.42% 8.25% 9.31% 8.09% 9.86% 9.61% 10.00%

* Insufficient sales. ** Equity of Assessments data are unavailable. (1) "Assessment Level" refers to the median ratio of assessment to selling price as reported by the Department of Taxation. (2) "Equity of Assessments" is the average percentage sales deviate from the median ratio. (3) Standards are provided by the International Association of Assessing Officers. (4) Estimates utilizing state formula from the Assessments Office.

A-10

Table 11A: Growth and Appreciation

2004 to 2005 2004 --------Appreciation-------- ------------Growth------------ 2005 Total

Landbook Value Amount % Amount % Landbook Value ChangeResidential 27,093,333,200$ 6,225,083,200$ 22.98 2,226,696,100$ 8.22 35,545,112,500$ 31.20 Apartments 1,178,785,400 81,179,200 6.89 61,273,400 5.20 1,321,238,000 12.08 Commercial/Industrial 3,831,406,100 603,029,100 15.74 224,705,400 5.86 4,659,140,600 21.60 Agricultural 257,766,700 74,890,200 29.05 (57,785,500) (22.42) 274,871,400 6.64

Total Landbook 32,361,291,400 6,984,181,700 21.58 2,454,889,400 7.59 41,800,362,500 29.17 Total Supplements 528,980,300 685,960,300 685,960,300 29.68 Public Service* 1,249,775,269 - - 3,730,339 0.30 1,253,505,608 0.30

Total 34,140,046,969$ 6,984,181,700$ 20.46 3,144,580,039$ 9.21 43,739,828,408$ 28.12 Rollbacks 156,609,720 104,728,165 (33.13) Tax Exempt 2,223,993,000 2,567,585,100 15.45 Deferred Use Value 382,990,900 511,674,900 33.60 Total 36,903,640,589$ 46,923,816,573$ 27.15

2005 to 2006

2005 --------Appreciation-------- ------------Growth------------ 2006 TotalLandbook Value Amount % Amount % Landbook Value Change

Residential 35,545,112,500$ 9,669,020,700$ 27.20 2,767,384,600$ 7.79 47,981,517,800$ 34.99 Apartments 1,321,238,000 156,928,800 11.88 101,980,100 7.72 1,580,146,900 19.60 Commercial/Industrial 4,659,140,600 804,669,300 17.27 160,256,800 3.44 5,624,066,700 20.71 Agricultural 274,871,400 226,594,600 82.44 (73,538,100) (26.75) 427,927,900 55.68

Total Landbook 41,800,362,500 10,857,213,400 25.97 2,956,083,400 7.07 55,613,659,300 33.05 Total Supplements 685,960,300 0 685,960,300 - Public Service* 1,253,505,608 0 0.00 12,535,056 1.00 1,266,040,664 1.00

Total 43,739,828,408$ 10,857,213,400$ 24.82 2,968,618,456$ 6.79 57,565,660,264$ 31.61 Rollbacks 104,728,165 86,225,615 (17.67) Tax Exempt 2,567,585,100 3,049,599,300 18.77 Deferred Use Value 511,674,900 625,407,200 22.23 Total 46,923,816,573$ 61,326,892,379$ 30.69

* All changes in Public Service are attributed to growth. The 2005 Public Service assessed value is an estimate made by the assessments office. ** 2006 Rollbacks are estimated.

A-11

Table 11B: History of Appreciation Rates

PublicLandbook Residential Apartments Commercial Service Land Overall

1997 0.14% -2.08% 1.41% 0.00% -4.99% 0.05%1998 1.30% 6.80% 5.40% 0.00% -4.56% 1.85%1999 2.02% 2.58% 2.15% 0.00% -4.43% 1.74%2000 4.31% 3.24% 1.76% 0.00% -1.23% 3.49%2001 7.60% 9.05% 9.87% 0.00% 2.30% 7.47%2002 17.47% 10.78% 6.65% 0.00% 7.99% 14.57%2003 17.44% 12.27% 2.92% 0.00% 16.58% 15.11%2004 18.30% 11.07% 11.68% 0.00% 20.46% 17.21%2005 22.98% 6.89% 15.74% 0.00% 29.05% 21.58%2006 27.20% 11.88% 17.27% 0.00% 82.44% 25.97%

Table 11C: History of Growth Rates

PublicLandbook Residential Apartments Commercial Service Land Overall

1997 3.61% 6.22% 1.67% 3.00% -0.52% 3.24%1998 3.89% 6.23% 1.94% 4.38% -0.55% 3.58%1999 4.60% 2.27% 1.54% 0.59% -0.58% 3.64%2000 5.71% 0.00% 7.89% 2.00% -7.16% 5.15%2001 6.60% 4.03% 2.88% 1.11% -13.31% 5.19%2002 8.25% 8.28% 6.20% 1.54% -33.82% 6.86%2003 8.25% 3.19% 1.65% 1.00% -25.97% 6.69%2004 6.55% 3.27% 5.92% 1.75% -6.34% 6.23%2005 8.22% 5.20% 5.86% 1.00% -22.42% 7.59%2006 7.79% 7.72% 3.44% 1.00% -26.75% 7.07%

Notes: 2005 Appreciation and Growth rates were corrected. These tables included Public Service properties in addition to the landbook categories. All changes in Public Service are attributed to growth. Public Service for 2006 is estimated. These tables do not include supplements. These rates represent the effects of growth and appreciation from the prior year on the landbook for the year shown.

A-12

Table 11D: History of Residential Appreciation and Inflation

4.00%

6.00%8.00%

13.00%

25.50%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

CY8

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CY of Value, FY of Revenue

Actual Residential Appreciation: Actual Avg. 6.9%, w ith Forecast, 7.0%

Inflation Rate, Annual Avg. 3.7%

FY07-11 Forecast

Avg. Inf lation. CY80-05

Commercial Appreciation

A-13

Table 12: Top Fifty Real Estate Taxpayers –FY2006

Rank Owner Name 2005 Assessment % of Tax Base Rank Owner Name 2005 Assessment % of Tax

Base

1 VA ELECTRIC & POWER COMPANY 657,482,267$ 1.527% 26 T-REX GODWIN LLC 49,384,700$ 0.115%2 POTOMAC MILLS OPERATING CO LLC 368,806,000 0.857% 27 UNITED DOMINION REALTY TRUST INC 48,231,000 0.112%3 NORTHERN VIRGINIA ELECTRIC CO-OP 210,072,579 0.488% 28 IBV-IMMOBILIENFONDS INTL. 2 USA LP 47,952,700 0.111%4 DOMINION COUNTRY CLUB LP 189,506,000 0.440% 29 WESTMINSTER PRESBYTERIAN RETIREMEN 47,569,900 0.110%5 VERIZON SOUTH INC. 156,600,318 0.364% 30 PRINCETON COMMONS APARTS. LTD PTSHP 45,714,000 0.106%6 BROOKFIELD BRAEMAR II LLC 102,852,900 0.239% 31 M/I SCHOTTENSTEIN HOMES INC 44,667,000 0.104%7 MANASSAS MALL LLC 93,029,000 0.216% 32 BASHEER/EDGEMOORE RIVER FALLS LLC 41,235,400 0.096%8 AMERICA ONLINE INC 91,565,200 0.213% 33 HYLTON CECIL D ESTATE 38,371,900 0.089%9 WASHINGTON GAS LIGHT COMPANY 83,125,422 0.193% 34 METROPOLITAN LIFE INSURANCE COMPANY 38,288,800 0.089%10 WNH LIMITED PARTNERSHIP 81,936,400 0.190% 35 TC CARLYLE STATION CO 38,160,100 0.089%11 PRINCE WILLIAM SQUARE INVESTORS LLC 73,973,000 0.172% 36 BULL RUN WP ASSOCIATES LLC 37,607,200 0.087%12 KIR SMOKETOWN STATION LP 71,236,600 0.165% 37 SUMMERLAND HEIGHTS LP 37,437,300 0.087%13 STELLAR CHATSWORTH LLC 70,633,900 0.164% 38 RIVERSIDE ASSOCIATES LLC 36,694,400 0.085%14 CENTEX HOMES 70,070,500 0.163% 39 WINDSOR POTOMAC VISTA LTD PTNSHP 36,225,700 0.084%15 D R HORTON INC 67,216,200 0.156% 40 SRK MISTY RIDGE ASSOCS LTD PTNSHP 35,430,900 0.082%16 LBK LP 66,866,100 0.155% 41 WESTGATE APARTMENTS LMTD PTSHP 34,745,300 0.081%17 LEE CAROLINA II LLC 64,979,900 0.151% 42 BAYVUE APARTMENTS JOINT VENTURE 34,667,300 0.081%18 DALE FOREST INVESTMENTS L L C 59,086,700 0.137% 43 TANGLEWOOD APARTMENTS LLC 34,232,200 0.080%19 K HOVNANIAN FOUR SEASONS @ HIST. VA LLC 54,427,400 0.126% 44 BEAZER HOMES CORP 33,963,700 0.079%20 RICHMOND AMERICAN HOMES OF VA INC 54,140,000 0.126% 45 JJJ AMPHITHEATER LIMITED PTNSHP 33,838,800 0.079%21 MILLER & SMITH AT PEMBROOKE LLC 53,801,800 0.125% 46 PORT POTOMAC ASSOCS LLC 33,680,200 0.078%22 E&A SOUTHEAST LTD PTNSHP 52,841,600 0.123% 47 RIDGEDALE INC 33,155,300 0.077%23 TRUSTEES OF THE IRENE V HYLTON CHAR. 50,809,300 0.118% 48 LAKE MANASSAS LTD LIABILITY CO 32,907,100 0.076%24 US HOME CORPORATION 50,806,600 0.118% 49 ACACIA CREDIT FUND 8-A LLC 32,750,700 0.076%25 NVR INC 49,504,000 0.115% 50 WASHINGTON HOMES INC OF VA 31,876,600 0.074%

Top 50 as a % of Total Landbook: 9.07%

Total 2005 Landbook Plus Public Service Assessments: $43,053,868,108

A-14

Table 13: Tax Rates

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006Base Tax Rate 1.3600 1.3600 1.3600 1.3400 1.3000 1.2300 1.1600 1.0700 0.9100 0.7580

Fire DistrictsBuckhall 0.0891 0.0963 0.0963 0.0963 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Wellington 0.0980 0.0980 0.0980 0.0980 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Dumfries Fire 0.0400 0.0400 0.0400 0.0400 ** ** ** ** ** **

Dumfries Rescue 0.0286 0.0300 0.0300 0.0300 ** ** ** ** ** **

Dumfries ** ** ** ** 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Gainesville 0.0563 0.0607 0.0607 0.0607 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Stonewall 0.0356 0.0387 0.0387 0.0387 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Evergreen 0.0699 0.0786 0.0786 0.0786 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Neabsco 0.0622 0.0741 0.0741 0.0741 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Nokesville 0.0848 0.0984 0.0984 0.0984 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

O.W.L. 0.0544 0.0577 0.0577 0.0577 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Yorkshire 0.0869 0.1000 0.1000 0.1000 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Coles 0.0858 0.0925 0.0925 0.0925 0.0728 0.0728 0.0728 0.0660 0.0560 0.0466

Lake Jackson 0.0851 0.0921 0.0921 0.0921 0.0728 0.0728 0.0728 0.0728 0.0560 0.0466

Montclair ** ** ** ** ** ** ** ** ** **

Montclair South ** ** ** ** ** ** ** ** ** **

Dale City Sanitary ** ** ** ** ** ** ** ** ** **

Foremost Court Service ** 0.2300 0.2300 0.2300 0.2300 0.2300 0.2300 0.2200 ** **

Woodbine Forest Service ** 0.1400 0.1400 0.1400 0.1400 0.0700 ** ** ** **

Lake Jackson Service 0.1100 0.1100 0.1100 0.1100 0.1100 0.1100 0.1100 0.1100 0.1100 0.1100

Bull Run Service 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000 0.1000

Circuit Court Service ** ** ** ** ** ** 0.2800 0.2800 0.2300 0.1900

Bull Run Sanitary ** ** ** ** ** ** ** ** ** **

Occoquan Forest Sanitary 0.1600 0.1600 0.1600 0.1600 0.1600 ** ** ** ** **

Prince William Parkway 0.2000 0.2000 0.2000 0.2000 0.2000 0.2000 0.2000 0.2000 0.2000 0.2000

234 Bypass District 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 0.0200

Gypsy Moth Control 0.0028 0.0028 0.0028 0.0028 0.0040 0.0040 0.0040 0.0040 0.0025 0.0025 ** Not levied in that year. Note: Tax rates per $100 assessed value.

A-15


B-1

Addenda


B-3

Addendum A: Sample Notice of Reassessment

B-4

Addendum A: Sample Notice of Reassessment (cont.)

B-5

Addendum B: Tax Savings for Rehabilitated Properties

B-6

Addendum B: Tax Savings for Rehabilitated Properties (cont.)

B-7

Addendum C: Tax Relief Programs for Elderly and Disabled Persons

B-8

Addendum C: Tax Relief Programs for Elderly and Disabled Persons (cont.)

B-9

B-9

Addendum D: Sample Tax Bill

B-10

Addendum D: Sample Tax Bill (cont.)



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REAL ESTATE ASSESSMENTS OFFICE FINANCE DEPARTMENT PRINCE ... · Real Estate Assessments Office Finance Department Prince William County, Virginia Board of County Supervisors Sean