FY 2015-16 Real Estate Assessments Completed in James City County

WILLIAMSBURG, Va., Feb. 26 -- James City County issued the following news release:

The James City County Real Estate Assessment Division recently completed the assessment of all real property based on the fair market value of the property as of Jan. 1, 2014. The new assessments show that the drop in home values over the last few years has slowed to a loss of 1.71 percent in 2014 compared to a loss of 5.67 percent in 2012. When combined with new development and commercial reassessment, the assessments generated for the County increased .24 percent.

The new values will be effective for FY 2015 (July 1, 2014-June 30, 2015) and FY 2016 (July 1, 2015-June 30, 2016). The County will mail the change-in-assessment notices to approximately 14,500 property owners on Feb. 28.

James City County's State licensed appraisers analyze current real estate sale prices and the assessment-to-sales ratios in order to determine whether a property assessment should be increased, reduced or remain the same. Properties are analyzed by assessment areas, which are based on common land uses, types and ages of buildings, value range and other locational characteristics. A nationally recognized computer valuation system is used to appraise the properties.

Property owners may request a review of their assessment between Feb. 28 to March 31 by calling 757-253-6650 from 8 a.m.-5 p.m. An appraiser will review the assessment to insure that the property information is correct, and confirm that it represents fair market value and is equitable with other similar properties. Most changes, including reductions, are made in this administrative review period. If the issue is not resolved by phone, the property owner may request that an appraiser visit the property. Property owners will be notified by mail if the assessment is revised.

Property owners who are dissatisfied with the outcome of the review may file an appeal in writing with the Board of Equalization, a Board consisting of James City County property owners and real estate professionals who are appointed by the Judge of the Circuit Court. The deadline for filing Board of Equalization appeals is April 30, 2014.

Additional information regarding the assessment and review process can be found online at jamescitycountyva.gov/assessments.

The County Administrator's Proposed Budget will be released in early April and a public hearing on both the budget and the proposed tax rate will be held on April 22, 2014 at the Board of Supervisors regular meeting. The Board of Supervisors is expected to adopt the tax rate and the FY 2015 annual budget at their May 13, 2014 meeting.

How much a property owner will pay in taxes is determined by multiplying a tax rate times the assessed property value. The current tax rate is 77 cents per $100 of value. If the Board of Supervisors keeps the tax rate at its current level, a home assessed at $250,000 would pay $1,925 in taxes, half due Dec. 5, 2014 and half due June 5, 2015. With an average reduction in value and tax payments of 1.71 percent, this would represent an average savings of $32.72 per year on that $250,000 home. The total real property tax payment could be less if a property owner qualifies for a tax relief program for elderly and/or disabled citizens.

For information on the County's real estate tax relief program for elderly and/or disabled citizens, please contact the Commissioner of the Revenue at 757-253-6695. The program provides tax relief to homeowners who are 65 or older and those who are permanently and totally disabled if they meet certain income and financial worth qualifications.

The Commissioner of the Revenue also administers the land use assessment program which provides for tax deferrals for qualifying forested and agricultural land. Reduced real estate taxation is also available to properties with conservation and preservation easements.

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