By Matt de Simone
Local residents received their general reassessment results last week. According to a release sent out by Botetourt County, it’s “leaving many people with lots of questions.”
The Code of Virginia requires the county to reassess properties at 100% of market value every six years, which results in a new value for the properties. According to the county’s reassessment info site, Virginia law requires localities to update (or reassess) real estate property values within their boundaries regularly.
The county goes on to explain that the purpose of the property reassessment is to ensure real estate values used for tax purposes reflect market values as they change over time. Standard assessment cycles for a locality the size of Botetourt is every four years unless the Board of Supervisors votes to change it. This is a statutory law and a law that the assessments reflect market value and that they are not just made up numbers.
The county announced an extension of the property reassessment last December. The board unanimously authorized the county attorney to submit a request to the Circuit Court judge requesting a three-month extension to March 31, 2024 for completion of property reassessment. At the December meeting of the Botetourt County Board of Supervisors, Deputy Administrator David Moorman shared that it was expected that “real estate values determined by Wampler-Eanes will be significantly higher than they were four years ago.”
Some members of the Botetourt community saw their property values increase with rates rising significantly in areas. Moorman noted at the December meeting that the reassessment notices were not the same as a tax bill. He went on to say that no immediate action is requested by the county, unless property owners have questions or wish challenging the reassessment.
The county reached out to share the accurate information and answers including where to find the frequently asked questions (FAQs), what the reassessment is and how to appeal, and real estate tax relief programs for the elderly and disabled based on income and net worth.
Please visit www.botetourtva.gov/859/Reassessment for more information. A video presented by Wampler Eanes Appraisal Group that dives into the Botetourt County Reassessment process can be found at this link: https://youtu.be/qieF2RLI6I8?si=V8yGWescx6ytsX7k.
