AGENDA DATE: 6/3/2015
TITLE:
Title
Annual Reassessment of Real Estate
BODY
SUBJECT/PROPOSAL/REQUEST: Update on the 2015 Reassessment Process
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Foley, Letteri, Davis, Burrell, and Willingham
PRESENTER (S): Bob Willingham, County Assessor
LEGAL REVIEW: Yes
REVIEWED BY: Thomas C. Foley
BACKGROUND: At a recent Board meeting, the Board requested additional information on the methodology used in the County's annual real estate reassessment process, an explanation of the statistical measures used, and specifically the validity and reliability of the methodology deployed in the reassessment process.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: The process of assessing real estate is governed by the Constitution of Virginia, the Virginia Code, the Albemarle County Code, rules and regulations promulgated by the Virginia Department of Taxation, and by standards established by the International Association of Assessing Officials (IAAO).
Article X, Section 1 of the Constitution of Virginia requires all property to be taxed, with certain exceptions dictated by the General Assembly. It further requires that all taxes be levied and collected under general laws and be uniform upon the same class of property within the County. Article X, Section 2 requires all assessments of real estate be at their fair market value.
Albemarle County Code ?15-1000 requires the office of Real Estate Assessment to annually reassess all real property. The frequency of reassessments was changed from biennual to annual for the tax year beginning January 1, 2007.
Reassessments comprise the vast majority of the work of the Real Estate Assessor's Office. The duties and responsibilities of the Assessor's Office include:
...
Click here for full text