2023 Real Estate Assessment

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

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 your assessment by the following processes:

1.  The Administrative Review hearings will not be held in person.  The Administrative Review appeal process was closed at 5:00 p.m. on Friday, May 26, 2023.

2.  The Board of Equalization meets for one year beginning July 1, 2023, to June 30, 2024.

Taxpayers may appeal at this time to the Board of Equalization by submitting an application and all documentation to the Reassessment Office by the following methods:

1. 1. 1. P.O. Box 114, Isle of Wight, VA 23397
      2. Fax (757) 356-9731
      3. Email: reassessment@isleofwightus.net. 
      4. Walk-in:  COR Office, 17090 Monument Cir., Ste 113, Isle of Wight, VA  23397. 

3. At any time, the taxpayer may petition the Isle of Wight County Circuit Court for judicial review.  The Code of Virginia allows all property owners to appeal an unfair reassessment through the Circuit Court system within four years of the effective date of the reassessment (July 1, 2023 - June 30, 2027).

Applications will be accepted until April 28, 2024.  Documentation such as sales or assessment comparisons of similar and/or neighboring properties is recommended.  The Board will only consider appraisals of properties that were performed between April 1, 2022, and June 30, 2023.

Click here for the 2023 Application to the Board of Equalization 

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, 2023.  The next general reassessment will be effective July 1, 2027.

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.

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.

 Last reassessment took effect July 1, 2019.

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.

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

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.

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. 

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.

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

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

The results for the 2023 Reassessment are available.  Click here to be redirected to that page.  

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. 

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