Latest Augusta Property Reassessment Shows Slipping Numbers
AUGUSTA COUNTY, Va (WVIR) -
There's some good and bad news out of Augusta County when you talk about property values. The latest reassessment has the numbers a bit down, but it could be much worse.
Values slid just a little in Augusta - by 2 percent - and while that's not a big drop, it does show a flat economy when it comes to the area’s real estate.
"Land values were down, but that building values were actually up a little bit from the previous time frame, which kind of makes sense when you look at the economy, the way it's going," said Larry Wills, vice chairman of the Augusta County Board of Supervisors.
In the past year, values for all homes and businesses in the county trickled down by less than half a percent.
"We're pretty small compared to - most of the time you look at a four-, five-year reassessment, you're looking at a 10 to 15 percent change in property values,” Wills said.
A firm out of Roanoke came up with the report after crunching the numbers and looking at average sales in the area. Since the last assessment in 2009, Wills has seen calmer reactions from the community so far.
"The first round of people requesting changes in their assessment was less than 300 with the whole county, whereas the last time, it was nearly 6,000 requests for consideration for changes,” Wills said.
The big question is: how does this affect the tax rate? Leaders say this is just a drop in the bucket.
"The tax rate is set by the needs we have in the county when we come to budget time. Based on this, we will not see a tremendous amount of loss,” Wills said. “This one right now, it's just one piece of the puzzle.”
If you have a concern or want to challenge what you see, leaders say the best thing to do is go to the commissioner of revenue and schedule a meeting with the board of equalization. Those sessions start in the New Year.
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