- Last Updated on Wednesday, 04 December 2013 00:47
- Published on Wednesday, 04 December 2013 00:47
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Blue Ridge Mass Appraisal provided King George officials with a written summary of findings from its recently completed real estate assessment. The assessments will go into effect on Jan. 1, 2014.
The summary indicated that the new assessment for the total value of taxable parcels is 4.1 percent lower than the last assessment that went into effect four years ago, in 2010.
Under state law the property assessments are to reflect fair market value of property in the county for taxation.
REAL ESTATE VALUES DOWN AN AVERAGE OF 4.1 PERCENT
The 4.1 percent drop in real estate values in King George is an average. That does not mean that all taxable parcels drop by that amount. In fact, many parcel values went up.
As of mid-November, as calculated by Blue Ridge, the total value of all taxable parcels in the county was $2,681,521,500. That compares to the prior assessed values in 2010 of $2,796,959,300.
The $1.15 million difference will affect an equalized tax rate that will be calculated next year, during the budget process.
But the process is not yet finished.
The total value for taxable parcels could change as the result of any changes made by Blue Ridge during its appeal process last month. The assessment summary did not take into account all changes that were made during Blue Ridge’s hearing process last month to meet with any property owners who wished to discuss their valuations to address alleged errors, discrepancies or corrections in the appraisals of real property.
There is also an opportunity for more changes in valuations to take place. Property owners who disagree with their valuations will have a second opportunity to dispute them. In the new calendar year, landowners will be able to schedule an appointment to meet with a Board of Equalization.
Last month, the Board of Supervisors nominated five county residents to be members of a Board of Equalization. The names have gone forward to the Circuit Court for appointment, with action expected shortly.
Those nominated were Terry Collins by At-Large Supervisor Dale Sisson, Kenneth Allwine by Shiloh Supervisor Cedell Brooks, Richard Snow by Dahlgren Supervisor Ruby Brabo, Stan Palivoda by James Monroe Supervisor John LoBuglio, and John Cheadle by Supervisor Joe Grzeika.
DATES TO BE SET FOR BOARD OF EQUALIZATION APPLICATIONS
The Board of Supervisors will this week hold a public hearing and then is expected to take action to establish a timeframe within which applications for tax assessment equalization may be filed and heard by the Board of Equalization.
King George is on a four-year reassessment cycle for property values, which means that when assessments are completed, they will go into effect on Jan. 1, 2014. The Code of Virginia requires 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 previous general reassessment was effective January 1, 2010.
March 31, 2014, is proposed as the final day for landowners to file an application with the Board of Equalization to request a change in assessed value. May 30 is proposed as the deadline date for the Board of Equalization to make all decisions in regard to applications received.
Those dates are to be finalized following the public hearing this week on Dec. 3.
EQUALIZED TAX RATE TO BE SET LATER
Adjustments on the real estate tax rate will take place this spring, during the budget process and following a public hearing by the Board of Supervisors.
During budget deliberations, Supervisors will be provided an “equalized” tax rate by county finance staff. With real estate assessments down on the average, that means the equalized rate will be a tax figure that is higher than the current 53 cents per $100 valuation for real estate property taxes.
The $1.15 million difference in the value of taxable real estate is expected to provide an equalized tax rate that is 2 to 4 cents higher than the current 53 cents per $100 valuation.
The equalized tax rate figure will reflect a calculation of what the tax rate should be for the county to collect the same amount of taxes as in the current year, but based on the new, lower real estate assessments.
The equalized tax rate amount is dependent on the result of the calculation of what each penny on the tax rate would realize for the county. In recent years, the calculation of what a penny on the tax rate would generate has fluctuated around $260,000 per penny.
Whatever tax rate is adopted by the Board of Supervisors in spring 2014 will be reflected in tax bills due in June 2014 when the first half-year payment is due.