|
What is reassessment?
Reassessment is the process of re-determining the value of property or land for tax purposes.
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, Montgomery County is conducting a general reassessment to be effective for 2011. Montgomery County is required to reassess all real property at least every four years.
The Code of Virginia requires that all property is assessed at 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 in property value does not automatically mean an increase in your property taxes.
When was the last reassessment?
The last reassessment took place in 2006. Its results went into effect on Jan. 1, 2007. The 2007 reassessment encompassed over 32,000 parcels with a total value of more than $4 billion.
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. The work of field inspectors is reviewed by field supervisors, who often will not need to leave their vehicle to talk to the property owner unless there is a question.
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.
When reassessment is complete in late 2011, property owners will be notified. Hearings with the appraisers will be held if requested.
Property owners who still disagree with the reassessment results may appeal to a Board of Equalization appointed by the Circuit Court from recommendations made by the County.
Who conducts the reassessment?
Wampler-Eanes Appraisal Group of Daleville has been hired by Montgomery County to do new real estate value assessments of every taxable residential and commercial property in the County.
How will I know if someone has visited my property?
Field workers and supervisors have County IDs and cars marked “County Reassessment.” If you are not home at the time of the visit by the field worker, a notice will be left on the door saying the property has been inspected. Click here for photos of the reassessment team.
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 assessed values.
A property's value can also change for other reasons, such as additions, garages, remodeling or damage or destruction.
What is "Market Value"?
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 reassessment affect my taxes?
An increase in your assessed value does not automatically mean the same increase in your taxes. The Board of Supervisors will establish tax rates to be applied to this assessed value during the upcoming budget process.
Why do I have to pay property taxes?
Schools, police and fire protection, libraries, water and sewer and paved roads are only a few of the amenities property taxes make possible.
When will the results be available?
Reassessment notices to property owners will be mailed on Nov. 1, 2010.
How can I tell if my reassessed value is fair and accurate?
Compare the property's value with other comparable properties. 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 Reassessment GIS / Maps.
What 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. You may appeal by either submitting a written appeal or by scheduling a face-to-face hearing.
The following may happen on appeal:
- 1) the assessed value may be raised;
- 3) it may remain the same
After Wampler-Eanes Appraisal Group, Ltd. completes its hearings the Board of Supervisors will establish a Board of Equalization to review any appeals that are not resolved by the Reassessment Office. The hearing dates and times for the Board of Equalization will be advertised in the local newspapers.
The final appeal after the Board of Equalization will be to petition the Montgomery 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.
How do I change my mailing address?
The Reassessment Office is not authorized to change mailing addresses. If you would like to change your address for future reassessment correspondence and for your real estate tax tickets, please contact the Office of the Commissioner of the Revenue at 382-5717.
Definitions:
Assessment Notice - A written notice to the property owner of the assessed value of certain properties described in the notice. Law mandates that notice be given to the property owner following a revaluation of the property.
Land - The ground on which improvements may be placed. Does not include anything but the land itself.
Improvements - Anything that is built on the land. (i.e., house, barn, pool, paving etc.) and water/sewer hook-ups.
Real Property - The sum of tangible and intangible rights in land and improvements on the land. Real property means the following:
- Land located within this state.
- A building or fixture situated on land located within this state.
- An appurtenance to land located within this state.
- An easement in land located within this state, or an estate, right, or privilege in mines located on the land or minerals, including, but not limited to, oil and gas, located in the land, if the estate, right, or privilege is distinct from the ownership of the surface of the land.
- A gaming riverboat licensed under IC-4-33.
Personal Property - Moveable items not permanently affixed to or part of the real estate such as:
- Nursery stock that has been severed from the ground.
- Florists’ stocks of growing crops which are ready for sale as potted plants on benches.
- Billboard and other advertising devices which are located on real property that is not owned by the owner of the devices.
- Motor vehicles, mobile homes, airplanes, boats not subject to the boat excise tax under IC 6-6-11, and trailers not subject to the trailer tax under IC 6-6-5.
- Foundations (other than foundations which support a building or structure) on which machinery or equipment is installed.
- All other tangible property (other than real property) which is being held for sale in the ordinary course of a trade or business, held, used, or consumed in connection with the production of income, or held as an investment.
Real Estate - The physical land and everything permanently attached to it.
Tangible Property – The combination of Real Property and Personal Property.
Tangible Personal Property – Personal Property, such as goods, wares, and merchandise. Anything that has physical attributes: can actually be seen and handled physically.
Intangible Personal Property – Personal Property, such as money, deposits, credits, shares of stock, bonds, notes, other evidences of indebtedness, and other evidences of property interests: paper assets.
|