2019 General Reassessment of Real Estate

 

Frequently Asked Questions

  What is reassessment?

What do I do if I disagree with the assessed value?

 Why have reassessments?

 What can I expect from reassessment?

  When was the last reassessment?

  What is the reassessment process?

 Who conducts the reassessment?

  How will I know if someone has visited my property?

  What causes property values to change?

What are residential “grades”?

 What is “Fair Market Value”?

  How will the reassessment affect my taxes?

  What do my real estate taxes go towards?

 When will the results be available to me?

  How can I tell if my reassessed value is fair and accurate?

 How do I change my mailing address?

 

What is reassessment?

Reassessment is the process of redetermining the value of property or land for tax purposes.

What do I do if I disagree with the assessed value?

A property owner has the right to appeal their property tax assessment. The burden of proof, however, will be on the taxpayer to prove why they should have their assessment changed. Just saying, ” My taxes are too high” is not sufficient. The following may happen on appeal:  the assessed value may be raised;  it may be lowered; or it may remain the same.

You may appeal the new assessment as follows:

 1.  Once the Reassessment Notices are mailed out, Taxpayers may file an appeal to the Wampler-Eanes Appraisal Group (instructions will be included in the notice).

2.   After that, a new appeal application must be submitted to the Board of Equalization (BOE) in order for the BOE to rule on the appeal. This BOE meets for one year beginning July 1 of the reassessment year to the following June 30 of the next calendar year (July 1, 2019 – June 30, 2020).

3.   The final appeal after the Board of Equalization would be to petition the Isle of Wight County Circuit Court for judicial review. The Code of Virginia provides all property owners the opportunity to appeal an unfair reassessment through the Circuit Court system within three years of the effective date of the reassessment (July 1, 2019 – June 30, 2023).

Why have reassessments?

Reassessments are required by law to insure that each property is valued fairly.  The purpose of property tax reassessment is to realign the values of real property that are determined with values of other kinds of property that are assessed annually, such as personal property, utilities and mobile homes.

As required by the Code of Virginia, Isle of Wight County conducted a general reassessment effective July 1, 2015.  The next general reassessment will be effective July 1, 2019.

The Code of Virginia requires that all property is assessed at fair market value.  Property taxes are calculated using the assessed value and the tax rate.

What should I expect from reassessment?

A reassessment will result in a new value being established for your property.  This new value will replace the value currently on your property and will be the basis used for taxing property.  Please remember that an increase or decrease in property value does not automatically mean an increase or decrease in your property taxes.

When was the last reassessment?

 Last reassessment took effect July 1, 2015.

What is the reassessment process?

The County is divided into smaller neighborhoods for market comparison.  Each property is visited by a field inspector who verifies data and collects additional data.  The field review is done with the homeowner if they are at home.  Data collection is entered into the mass appraisal system and accuracy validated.  Neighborhood sales, land values, yearly appreciation trends and other data are analyzed throughout the process.

Who conducted the reassessment?

Isle of Wight County hired Wampler-Eanes Appraisal Group to assess values of every residential and commercial property within the County.

How will I know if someone has visited my property?

Field workers had County IDs and cars marked “County Reassessment.” When property owners were not home at the time of the visit by the field worker, a notice was left on the door saying the property has been inspected.

What causes property values to change?

The most frequent cause of change in value results from a change in the market. When market value changes, so do the assessed values.

A property’s value can also change for other reasons, such as additions, garages, remodeling or damage or destruction. 

What is “Fair Market Value?”

Fair market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property, under the following conditions:

  • The seller and buyer must be unrelated.
  • The seller must be willing, but not under undue pressure to sell and the buyer must be willing, but not under any obligation to buy.
  • The property must be on the market for a reasonable length of time.
  • The payment must be in cash or its equivalent, and the financing, if required, must be typical for that type of property.

If all these conditions are present, this is considered a market value, or “arm’s length,” sale.


How will the reassessment affect my taxes?

An increase or decrease in your assessed value does not automatically mean the same increase or decrease in your taxes.

What do my real estate taxes go towards?

Schools, law enforcement, fire and rescue protection, libraries and other services are only a few of the amenities property taxes make possible.

When will the results be available?

The results for the 2015 Reassessment is available on our website. The results for the 2019 Reassessment will be available in early Spring 2019.  Click here to be redirected to that page.  

How can I tell if my reassessment is fair and accurate?

Compare your property’s value with other comparable properties.  You may look at properties of similar age, lot and building size, construction, improvements, location, proximity to shopping, schools, and other amenities.

You can compare your property with other properties by utilizing the online real estate parcel search web site by clicking here

How do I change my mailing address?

To change your mailing address, please contact the Real Estate Department at the Commissioner of the Revenue’s Office at 757-365-6218.

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