James City to mail real estate reassessment notices
Date: August 24, 2004
FOR IMMEDIATE RELEASE
Contact: Richard J. Sebastian, JCC Director of Real Estate Assessments
Phone: (757) 253-6650
James City County will mail property reassessment notices to owners of 24,133 properties beginning August 27. These notices will be sent only to owners whose property has changed in assessed value.
The Real Estate Assessment Division assesses all real property annually based on the fair market value of the property as of July 1. The new values will be effective for this fiscal year, July 1 to June 30, 2005. In James City, real estate property taxes account for 44 percent of the resources available to operate County services.
The total assessed value of taxable property in the County increased 12.89 percent from FY 2004 to FY 2005. Of the total increase, 4.8 percent is attributable to $295 million in new construction, of which $250 million was residential. Approximately 8 percent of the increase was due to price appreciation in all classes of property, including single and multi-family residential, agricultural, commercial/industrial and tax exempt.
James City's state-licensed appraisers analyze sales and assessment-sales ratios in order to determine whether a property assessment should be increased, reduced or remain the same. Of the 27,806 properties in the County, the assessed value of approximately 88 percent changed, according to Richard J. Sebastian, Director of Real Estate Assessments. The total taxable assessed value of all property is $6.72 billion, up from $5.95 billion in FY 04.
The County analyzes properties by assessment areas, which are based on land uses, types and age of buildings, value range, and other locational characteristics. A nationally recognized computer valuation system is used to mass appraise the properties.
Reviews of property reassessments may be requested from August 28 to September 28 by calling 253-6650 from 8 a.m. to 5 p.m. An appraiser will review the assessment to insure that the property information is correct, and to confirm that it represents fair market value and is equitable with similar properties. If the issue is not resolved by phone, property owners 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 with the Board of Equalization by October 28. For more information and to review property information on-line, visit www.jccEgov.com.