AGENDA DATE: 12/15/2021
TITLE:
Title
2022 Reassessment Results
BODY
SUBJECT/PROPOSAL/REQUEST: Presentation of Calendar Year (CY) 2022 real estate reassessment results
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Kamptner, Birch, Usher, Lynch
PRESENTER (S): Peter Lynch
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 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.” Virginia Code §58.1-3201 requires all real estate assessments to be made at 100% of fair market value.
The Real Estate Assessor’s Office has completed the annual reassessment process for CY 22 and notices are scheduled to be mailed to property owners on or before January 14, 2022. Information traditionally provided by the County Assessor’s Office includes the average overall change in assessed value and the average change for different property classes. Additional detail is provided regarding single family residential properties, which make up the vast majority of properties in the County.
Property owners who wish to request a review of their annual reassessment by the County Assessor must do so by February 28, 2022; this level of appeal is referred to as an Assessor’s Review and is allowed by County Code §15-702. Appeals may also be made to the Board of Equalization if filed by March 30, 2022, 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 Real Estate Office in its application of assessment principles and best practices, adherence to Virginia Code and Albemarle County Code, and compliance with regulations promulgated by the Virginia Department of Taxation and guidelines established by the International Association of Assessing Officers (IAAO). The focus of the Assessor’s office in preparation for the 2022 reassessment was to continue the review of as many properties as possible, updating property descriptions as needed, to create more accurate assessed values. The more accurate the property data in the Assessor’s records, the better the valuation model and assessment results, which reduces the chance that a change will need to be made on review. The ultimate goal is to fairly spread the tax burden across the population of the County.
The County Assessor will present the reassessment process and outcome for CY 22 as part of this agenda item. The presentation will highlight statistical information about reassessment results by magisterial districts and the change in value for the “average” homeowner, as well as other statistical information. In the past, this presentation has been made to the Board in mid-January and notices were mailed on the last Friday of January. This year, due to lingering issues with postal deliveries, staff intends to mail the notices at least two weeks earlier than usual, prompting this presentation to take place in December. A Frequently Asked Questions (FAQ) document (Attachment A) has been prepared by 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 specifically related to this information, the results of the 2022 reassessment process provide important information for the current (FY 22) Budget and the FY 23 budget development process.
RECOMMENDATION:
Recommendation
Staff recommends that the Board receive the CY 2022 Real Estate Reassessment report as presented. There is no formal action required.
ATTACHMENTS:
A - Assessment FAQs