Over the past year, the total taxable value of real estate across Loudoun went up $5.4 billion to $83.2 billion, according to a report from Commissioner of the Revenue Robert S. Wertz.
The continuing data center boom only accelerated from 2018 to 2019. From $2.3 billion in 2017, the real estate value of Loudoun’s data centers grew by 40 percent from 2017 to 2018, and by 43 percent from 2018 to 2019, now eclipsing $4.5 billion in value. That represents the single largest sector in Loudoun’s $20 billion commercial property value.
Deputy Commissioner Brian Williams said that growth is primarily attributable to new data center construction and land purchases. The average annual growth in data center values is 29.7 percent, added to an average growth in square footage of 21.4 percent. In the past year, he said, Loudoun’s data center market added almost 4 million square feet of space.
Commercial property values overall also went up, by 10.8 percent. That, too, is accelerating form the previous year, which saw 8.4 percent.
But as prices go up, Loudoun’s stock of price-controlled Affordable Dwelling Units continues to slide.
Over the past year, 109 homes in the county’s affordable dwelling unit program aged out of the program and are now assessed at fair market values, rather than the lower, price-controlled value used to give some lower-income people a break on homeownership and taxes. As of Jan. 1, Wertz’s office counted 2,056 affordable dwelling units in Loudoun.
Deputy Commissioner Jim White said even more, another 167 units, will leave the program over the next year.
Although values continued to grow overall—including home values—new home construction slowed into 2019. $601.9 million worth of single-family houses were built over the past year, a 5.6 percent drop from the previous year. $126.8 million worth of condominiums were built, a 27.8 percent drop. In all, 66 percent of the real estate value in Loudoun is residential.
Taxable values in Loudoun’s Metro Service District, a special tax district to help pay for Loudoun County’s investment in Metrorail, also went up. County Administrator Tim Hemstreet said that meant improved projections for those districts. The Board of Supervisors’ finance committee will hear that report Tuesday, Feb. 12.