Stafford County Commissioner of the Revenue Scott Mayausky recently discussed the notable surge in property assessments in an interview with Potomac Local News Founder and Publisher Uriah Kiser, shed light on its causes and implications, as well as the role of data centers in county revenues.
Mayausky explained that the recent increase in property assessments, with residential homes rising by an average of 13% and commercial properties by approximately 23%, can largely be attributed to the fundamental economic principle of supply and demand. He noted the scarcity of available houses on the market as a driving factor behind the uptick in property values despite prevailing high-interest rates. He said, "I think it is simply supply and demand."
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Stafford County Commissioner of the Revenue Scott Mayausky delivered a comprehensive presentation to the Stafford County Board of Supervisors on Feb. 20, 2024, regarding increased property assessments.
Mayausky's presentation, which marked his 12th time addressing the board on reassessments, aimed to shed light on the reasons behind the eye-popping surge in property assessments, which jumped 23% in two years.
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Scott Mayausky, Stafford County Commissioner of the Revenue, has released the 2024 bi-annual property reassessment results, revealing significant changes in property values across various sectors. The comprehensive reassessment, aimed at ensuring equitable tax distribution, has led to noticeable increases in property assessments, reflective of the current market values.
Residential properties in the county have seen an average increase of 13% in assessments, indicating a substantial rise in home values. Commercial properties have experienced an even more significant jump, with assessments increasing by 23%, highlighting robust growth in the commercial sector. Agricultural properties are not far behind, with a 14% increase, while multi-family properties have seen a more modest rise of 9%.
