Wampler-Eanes Appraisal Group released overall reassessment data for Botetourt County at the Board of Supervisors meeting last Tuesday.
Real estate values in Botetourt County have increased an average of 9.32 percent since 2016 when the last general property reassessment occurred. During this time, on average, residential real estate increased 11 percent, commercial properties increased 10 percent, and agricultural properties increased 5 percent. This is in comparison to an essentially flat average in 2016 and an 8.9 percent overall average increase in 2010, both of which were reflections of the last economic downturn over a decade ago.
“The 2020 values reflect current land and improvement values based on actual sales through December 2019 and are a positive indicator of both the local and broader economy,” said Gary Eanes, the professional assessor contracted by the county to conduct the reassessment.
In the past few weeks, Botetourt County property owners should have received reassessment notices from Wampler-Eanes Appraisal Group. The notices indicated proposed adjusted values of real estate and buildings based on recent sales throughout the county. The adjusted values will represent the difference between Botetourt County real estate market values in late 2015 and current market values.
Property owners who believe their reassessments are incorrect or unjustified can appeal them by scheduling a hearing with Wampler-Eanes staff. Wampler-Eanes is currently holding hearings, and hearing dates, times and instructions are included in reassessment notices to owners.
In addition to an opportunity for appeal before Wampler-Eanes, property owners will also have an opportunity to challenge reassessments before the county’s Board of Equalization. Consisting of five county residents appointed by the Circuit Court, the Board of Equalization will hear appeals once Wampler-Eanes has completed its appeals process and notified property owners of any adjustments to their reassessments. Any property owners not satisfied with their reassessment following appeals to Wampler-Eanes and to the Board of Equalization may, thirdly, take their case to the Botetourt County Circuit Court.
Reassessment books prepared by Wampler-Eanes and containing reassessment information for all parcels in Botetourt County are available for public inspection at the Circuit Court Clerk’s office and the Commissioner of the Revenue’s office in Fincastle. Upon completion, the reassessment will be reviewed by the Virginia Department of Taxation to ensure it was conducted in compliance with state law.