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Department of Real Estate AssessmentsRecent ArticlesPress Release: CHESTERFIELD COUNTY SELECTS NEW REAL ESTATE ASSESSOR Higher Assessments Provide Added Value
Chesterfield County property owners have received, or will receive soon,
their real property assessment notices. The notices generally stir mixed
emotions among homeowners. What shouldn’t be overlooked are the
many benefits higher assessments bring—for homeowners and the community. For example, an increased assessment is a good indication that a home is appreciating, or gaining in value. That means increased equity in a home. An increased property assessment means a homeowner potentially could get more money for their home should they decide to sell it. More equity in a home also can mean potentially more tax-deductible spending. For example, interest paid on home-equity loans, similar to interest paid on mortgages, is tax-deductible. Therefore, a homeowner may choose to finance a new automobile with a home-equity loan instead of a conventional loan. Lenders often rely on assessed values when considering loan approvals, such as for home-equity loans. Increased assessments also can be related to the quality of life provided in a locality. As the market dictates, property assessments usually go up when there is high demand for homes, and most homebuyers are looking for more than just a home. They also want quality schools, safe streets and a variety of recreational activities or facilities. Assessments aren’t likely to increase when the housing market is in a decline. For some residents, whose homes may be paid for, higher assessments could mean more money made available to them should reverse mortgages be in their plans. A reverse mortgage means borrowing money against a home that is paid off. The loan is later paid by the homeowner’s estate. It’s important to understand that property assessments are based on the market, not the revenue needs of a locality. Moreover, the state requires that assessments be at market value. The assessments do, however, establish revenue based on the real estate tax rate adopted by the county’s elected Board of Supervisors, and that revenue helps provide for public safety, public education or schools, and community resources, including libraries and parks.Real Estate Market Determines Assessment Process
By now, owners of taxable real estate in Chesterfield County have received assessment notices. The notices are sent to owners whose property values have changed and to new property owners. A Notice of Assessment reports a property’s old assessed value and its new assessment. In many cases, the notices show assessment increases, which indicate properties’ values are appreciating, or gaining in value. State law (sections 58.1-3250 through 58.1-3389 or the Virginia State Code) requires that localities assess taxable real estate at 100 percent of the fair market value, or the amount for which property would be expected to sell in the open market. Fair market value is determined by comparing a property to similar properties that have sold in the same area of the county. Each year, appraisers from the Chesterfield County Department of Real Estate Assessments inspect all properties that have sold in the county. In 2001, there were 6,227 home sales in the county. Information from those sales is used to determine future property assessments. The department worked throughout 2002 to determine the 2003 assessments. Residential property sales that occurred between Jan. 1 and Dec. 31, 2001, provided the information necessary to determine the 2003 assessments. As required by county code, all taxable real estate is reviewed yearly. “This system ensures that all properties are being assessed equitably,” said Clay Walden, appraiser supervisor. “We’re reflecting market value, not setting it.” Assessment increases can vary in the county from area to area depending
on the sales activity. Therefore, countywide assessment increases cannot
be compared to increases or decreases in any given area. The department’s 44 professional and dedicated employees work to provide county residents excellent customer service through fair and equitable assessments. Chesterfield County provides several tax-assistance programs for property owners who qualify. Property owners are encouraged to apply. The programs include:
Assessments Staff Ready to Provide Assistance
“We’ll do everything possible to help property owners to understand their assessments,” said Appraisal Supervisor Jeff Overbey of the Chesterfield County Department of Real Estate Assessments. A Notice of Assessment reports a property’s old assessed value and its new assessment. Appraisers are required by state law to assess properties at fair market value, or the price for which they would be expected to sell in the open market. Owners of taxable real estate who have questions regarding their assessments should call the Department of Real Estate Assessments. An appraiser will review the property information to assure its accuracy and explain how the assessment was established. If at that point the property owner still believes the assessment is not at market value, they may request an application to appeal. State law provides property owners the right to appeal assessments of real estate. After obtaining an application to appeal, the property owner should collect any evidence to show why they believe the assessment is not at market value, such as a recent appraisal of the property or information about sales of similar properties in the area. This evidence should be submitted with the completed application to the Department of Real Estate Assessments no later than March 15. The completed application is required to begin the appeal process. Once the completed application is received, the appraiser for that area of the county will review the information. The property owner may request an on-site inspection of the property. The information will be reviewed and the property owner will be notified of the results. If the property owner still believes the assessment is not a reflection of market value, he or she has the right to appeal to the Board of Equalization, a panel of Chesterfield County property owners who are appointed by the Circuit Court. If the property owner elects to appeal to the Board of Equalization, an application will be mailed. Before the board begins hearing cases, property owners will be notified of their hearing dates. At the time of their hearings, property owners are welcome to present evidence to the board, however, property owners are not required to attend hearings to have their cases heard. Property owners will be notified of the board’s decision. Property owners who are not satisfied with the outcome of the Board of Equalization review have the right to appeal their cases further to the Circuit Court. Property owners with questions about their assessment notices should call the Department of Real Estate Assessments at (804) 748-1321. Can't find what you need? |
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A higher property assessment may perhaps mean paying more taxes on a
home, but there are positive aspects as well.
Assessed property values are a direct reflection of the real estate market,
which in Chesterfield County remains strong.
A
staff of dedicated professionals is ready to assist property owners who
may have questions about the assessment notices many recently received
in the mail.