Housing Boom Continues Around Washington

D.C. suburbs experience another year of double digit increases in housing assessments.

Arlington County, Virginia is located just across the Potomac River from Washington and is home to such national landmarks as the Pentagon and Arlington National Cemetary. It's Rosslyn-Ballston Corridor known in the planning community as a example of successfull high density development around transit. A sobering reflection of the county's desirability is it's skyrocketing housing prices. Housing assessments increased 24% in 2004 and have grown 75% in the last three year. "In many ways, we're victims of our own success," said County Board Chairman Jay Fisette (D). "Most communities love to see increases in home values. It means things are healthy, there's investment and a high quality of life. But the flip side is that it makes finding housing challenging." Due to the unique political system in Virginia, the county is unable to levy income taxes on its residents and must rely heavily on real estate tax income. Currently there is no cap on property taxes, as there is in neighboring Maryland and D.C.

Thanks to Peter Buryk

Full Story: Arlington Property Values Up 24 Percent


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