General Reassessment - King George County
KING GEORGE COUNTY
(for immediate release)
The King George County Board of Supervisors recently announced it will perform a general reassessment of all real estate within the County to be effective January 1, 2014. The Board of Supervisors has awarded the contract to Blue Ridge Mass Appraisal Co. of Staunton to perform the general reassessment.
The appraisers will begin visiting properties within the County in December, 2012. They will visit each improved property. If no adult is home they will leave a door hanger requesting additional information on the property. The field work will be completed in the fall of 2013. Each property owner will receive a change of assessment notice in October or November of 2013 indicating the new proposed values. Property owners will then have the opportunity to make an appointment to meet with the Assessors to discuss the values. In early 2014, a Board of Equalization will convene to consider further appeals based on equalization of properties. The Board of Equalization is composed of County citizens appointed by the Circuit Court.
The Code of Virginia mandates each locality to periodically perform a general reassessment to determine each property's fair market value and its equalization in value to similar properties. The last general reassessment was effective January 1, 2010. The effective date of the upcoming general reassessment is January 1, 2014.
David R. Hickey, Owner/Appraiser of Blue Ridge Mass Appraisal, states the firm will make a study of the real estate market through the last months of 2012 and all of 2013. "Some of the value ranges of the residential properties have slowed down considerably. We are finding this happening more with the higher end of the local market." Hickey also stated many of these sales may be under duress or foreclosures and while foreclosures do not meet the definition of Fair Market Value they will not be totally ignored. "We can only consider actual arms length transactions though sometimes it is hard to be sure of those. Throughout the process we will continue to keep a close watch on the King George County market. Fortunately, we have the capability to follow the market on a monthly basis through the end of the job and will make further adjustments if necessary before sending the change of assessment notices."
While assessment values are the basis on what a property owner will pay in real estate taxes, the actual tax rate determines what will actually be paid. In 2012, the County's tax rate was $0.53 per one hundred dollars of assessed value. The rate is set by the Board of Supervisors based on the County's financial obligations each year.
Please click on this link to view the General Reassessment Map: General Reassessment Map - July 29
Any questions? Call David Hickey, Blue Ridge Mass Appraisal Co. (540) 248-7100.