County's residential reassessments rise nearly 15%
Date: August 26, 2005
FOR IMMEDIATE RELEASE
Contact: Richard J. Sebastian, JCC Director of Real Estate Assessments
Phone: (757) 253-6650
The average reassessment increase on single-family residential dwellings in James City County is nearly 15 percent, reflecting the area's strong residential real estate market and new construction. The County's real estate tax base increased by 21.8 percent to $8.2 billion for FY 2006. Property reassessment notices will be mailed beginning Aug. 26 to owners of 27,050 properties whose property has changed in assessed value.
Of the 28,533 properties in the County, the assessed value of approximately 96 percent changed, according to Richard J. Sebastian, Director of Real Estate Assessments. The total taxable assessed value of all property is up from $6.6 billion in FY 05. Of the total FY06 increase, 7.35 percent is attributable to $529 million in new construction, of which $495 million was residential. Approximately 14 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.
The Real Estate Assessments 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, 2006. In James City, real estate property taxes account for 44 percent of the resources available to operate County services.
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. 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 Aug. 29 to Sept. 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 Oct. 28. For more information on assessments in general, statistics related to this reassessment and to review current property information on-line, visit www.jccEgov.com.