As discussed in McLean's hidden tax subsidy for luxurious homes, there are clear indications that the Fairfax County government is not fairly applying Virginia's real estate assessment rules when it comes to luxury home owners in McLean, Virginia. Mclean, by the way, is one of the richest areas in one of the richest counties in the United States.  

In a large share of McLean's highest-end homes, the tax assessment is far lower than a reasonable market value -- yet the regulations call for assessments to be on the basis of "100% of the estimated fair market value".  Other non-luxury homes seem, on examination, to be assessed at far closer to actual sales prices and thus come within the range of "100% of the ... fair market value".  Failing to assess at full value means lower taxes for the homeowners of these luxury homes -- and a greater tax burden for other home owners and county residents.

Now, when starting to examine luxury streets in McLean (such as Crest, Chain Bridge, and Ballantrae Farm), not only does one find numerous examples of homes that are quite probably significantly underassessed, relative to their "fair market value", but interesting information as to just who is profiting from this (now not-so) hidden tax subsidy for the homes of the rich and (in)famous.

Richard B. Cheney's McLean residence provides an excellent example ... follow me past the fold to find out about the County's failure to impose its tax rules on the Vice-President's property and thus provide him with a substantial semi-hidden tax benefit.