In our most recent newsletter, we shared with you an update on the Virginia case where golf and country clubs in Arlington and Loudoun Counties sought (and received) legislative relief from excessive taxation as compared to other counties in Virginia.
In those two counties, golf course properties were assessed based on highest and best use, which can be for future residential development, making the value potentially considerably higher than the value as an operating golf club. In the rest of Virginia, golf properties are reportedly assessed as open space, which provides for valuation more in line with the market value of the property as a club.
When Virginia Governor Northam vetoed that legislation, he encouraged the clubs and the county to resolve the issue. They did and agreed upon an assessment that both parties can apparently live with. The resolution preserves the county’s right to assess at highest and best use, but has resulted in assessed values that presumably are more consistent with the market for unapproved, unimproved development land, rather than the county’s apparent assertion that the sites should be considered as developed lots.
Golf Property Analysts assisted the taxpayers in two of these cases and is proud to have participated in this process.