AGENDA DATE: 1/11/2023
TITLE:
Title
Calendar Year (CY) 2023 Reassessment Presentation
BODY
SUBJECT/PROPOSAL/REQUEST: Receive the presentation of calendar year (CY) 2023 real estate reassessment
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Rosenberg, Bessette, Birch, Sumner, Lynch
PRESENTER (S): Peter Lynch, County Assessor
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Albemarle County Code §15-700 requires all real estate in the County to be assessed annually as of January 1st each year and requires the Office of the Real Estate Assessor (“County Assessor’s Office”) to conduct a new reassessment. The Constitution of Virginia, Article X, Taxation and Finance, Section 2, Assessments dictates that “all assessments of real estate and tangible personal property shall be at their fair market value, to be ascertained as prescribed by law.” State Code §58.1-3201 also requires all real estate assessments to be made at 100% of fair market value.
The County Assessor’s Office has completed the annual reassessment process for Calendar Year 2023 (CY 23) and notices are scheduled to be mailed to property owners on or before January 20, 2023. Information traditionally provided by the County Assessor’s Office includes the average overall change in assessed value and average change for different property classes. Additional detail is provided regarding single family residential properties, which make up the majority of properties in the county.
Property owners who wish to request a review of their annual reassessment to the County Assessor must do so by February 28, 2023; this level of appeal is referred to as an Assessor’s Review and is authorized by County Code §15-702. Appeals may also be made to the Board of Equalization if filed by March 30, 2023, or 30 days after the County Assessor has rendered his decision on a previously requested Assessor’s Review, whichever is later.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: Preparation of mass appraisals that result in fair and equitable assessments requires the work of competent, well-trained personnel in the County Assessor’s Office. Their application of assessment principles and best practices, adherence to Virginia Code and Albemarle County Code, compliance with regulations promulgated by the Virginia Department of Taxation, and guidelines established by the International Association of Assessing Officers (IAAO) are requirements of their role. The focus of the County Assessor’s Office, in preparation for the 2023 reassessment, was to review properties and update property descriptions, as needed, to create more accurate assessed values. The more accurate the property data in the County’s records, the better the valuation model and assessment results. This action then reduces the likelihood of a future change upon review. Overall, the goal of assessment tax policy in Virginia is to fairly spread the tax burden across the population of the county.
This presentation will include an overview of the reassessment process and outcome for CY 23 and highlight statistical information about reassessment results by magisterial districts and the change in value for the “average” homeowner, among other information. This presentation will provide detailed results to the Board in advance of the notices of assessment that will be mailed directly to taxpayers on January 20, 2023. A Frequently Asked Questions (FAQs) document (Attachment A) has been prepared by the Assessor’s staff for distribution to property owners and will be included in the mailing of assessment notices.
BUDGET IMPACT: While there is no direct budgetary impact related to this information, the results of the 2023 reassessment will provide important information for the current budget year and the upcoming Fiscal Year 2024 budget development process.
RECOMMENDATION:
Recommendation
Staff recommends that the Board receive the CY 2023 Real Estate Reassessment report as presented.
ATTACHMENTS:
A - 2023 Assessment FAQs
B - Phone Info Flyer