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Stafford real estate assessments up by 63 percent over 2004 Date published: 2/22/2006 By MEGHANN COTTER News about the increasing value of Stafford County real estate might be frightening.
But the information in the 2006 tax reassessment won't be a surprise to most locals when it starts showing up in mailboxes this weekend. The county has seen a 63 percent rise in all property values over the last two years. That does not include new construction. Residential properties increased in value by an average of 60 percent to 70 percent. Officials did not have more precise figures. In Spotsylvania County, home values rose an average of 50 percent for the same period. Caroline County reassessments are expected to be mailed out soon. And county supervisors will have to decide in April whether that translates into a tax increase. But, in anticipation of future county needs and population growth, the board faces challenges. "With a reassessment always comes the expectation that more money will be available," said Scott Mayausky, Stafford's commissioner of revenue. "They have to try to find the balance between providing the right services and setting a tax rate that is acceptable for the tax- payers in Stafford County." Setting the rate too high could put a substantial financial burden on local residents, potentially forcing some to relocate. If the figure is too low, the county may not have enough money to continue, improve and expand services. Mayausky said most property owners would avoid a tax increase this year if the rate drops from 97 cents to 58 cents per $100 of the assessed value. But even an equalized rate is no guarantee against higher taxes. Because the reassessment is based on the average increase in values, a landowner whose property value rose more than the average would still see a tax increase under an equalized rate. Supervisors have traditionally argued that the real-estate tax should stay close to the "effective rate"--the amount it would take to generate the same revenue as in previous years plus 1 percent. They set the tax rate 5 cents higher than that figure in 2004, when there was a 34 percent increase in property values. Several board members have expressed a similar philosophy this year.
Read more stories about Stafford Date published: 2/22/2006
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