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Appraiser helps explain reassessment

(Editor’s note: The following news release was provided by Harold Wingate of Wingate Appraisal Service, which conducted Pulaski County’s property reassessment.)
Property owners should have received their new 2009 reassessment notices by now. The last reassessment was conducted in 2003, effective for 2004. Because this increase covers a five-year period, there may be some large increases over the current assessments.
As most property owners are aware, rural acreage properties have experienced a tremendous increase in market value in recent years. This is true, not only in Pulaski County, but throughout Virginia. Consequently, rural land, and particularly large tracts, may show a much larger increase in value than residential or commercial properties.
The basic requirements of a reassessment are to bring the tax assessments to current market value and to equalize assessments with similar properties. Thus, the amount of increase alone does not indicate that there has been an error in the assessment.
Reassessment notices will show current assessed values, as well as the new proposed assessed values for 2009. Also shown on the notice are the times and dates when a property owner can make an appeal to the assessors office.
“Land Use” assessments are not shown on these notices.
Printouts of Countywide new assessments will be available for public viewing at the Dublin Public Library and the Pulaski Courthouse. These lists will give property owners an opportunity to compare their new assessments to other comparable properties.
The Board of Supervisors will set the 2009 real estate tax rate based on the budget for fiscal year 2009-2010. It will be impossible to determine the exact amount of taxes applicable to each property until the new tax rate is set by the Board.
The reassessment process began in the fall of 2007, with a study of real estate sales for 2006 and 2007.
As work continued, sales for the first half of 2008 were also examined and considered, and market value was estimated on all locally taxable County properties.
Since reassessments are a lengthy process, with market studies occurring roughly a year ago, the ability to react to recent market trends is limited.
In collecting sales information, the reassessment staff considers location, construction cost, quality of construction, condition of the buildings, etc., in order for the sales data to be compared, for assessment purposes, with the various properties in different neighborhoods throughout Pulaski County.
No sales or construction costs outside Pulaski County were used in the reassessment.
Sales that were higher or lower than typical sales were not considered in the assessments. Non-typical sales would include family transactions and sales that took place because of pressure on the part of the buyer or seller.
This can occur when there is an immediate need to raise money and time will not permit adequately exposing a property to the open market which could result in a sale for less than market value.
It is also possible that an adjoining owner will pay more than market value in order to protect his existing property.
Land tracts of similar size, use, etc., must be used when comparing assessments.
For example, a small-acreage house site will reflect a much higher value per acre than a larger acreage property, even though the two may adjoin each other.
Property owners are encouraged to compare their assessments with similar properties in order to determine if the assessments are fair and equitable.
If you feel your assessment is out of line with similar properties, or over market value, it should be brought to the assessor’s attention along with supporting facts that can be used in reconsidering your assessment.
Percentage of increase above the old assessed value is not, by itself, grounds for an appeal since the last reassessment was five years ago and does not represent today’s market value.
Owners of a manufactured home assessed as personal property need to be aware that water and septic systems are assessed as real estate and will be included on the landowner’s reassessment notice under proposed building value.
Water and septic systems are always assessed to the landowner regardless of ownership of the manufactured home.
Property owners are urged to keep in mind that reassessments are required by state law to bring all assessments to current market value and to provide for the equitable sharing of the cost of providing local and state services.

Appraiser helps explain reassessment

(Editor’s note: The following news release was provided by Harold Wingate of Wingate Appraisal Service, which conducted Pulaski County’s property reassessment.)
Property owners should have received their new 2009 reassessment notices by now. The last reassessment was conducted in 2003, effective for 2004. Because this increase covers a five-year period, there may be some large increases over the current assessments.
As most property owners are aware, rural acreage properties have experienced a tremendous increase in market value in recent years. This is true, not only in Pulaski County, but throughout Virginia. Consequently, rural land, and particularly large tracts, may show a much larger increase in value than residential or commercial properties.
The basic requirements of a reassessment are to bring the tax assessments to current market value and to equalize assessments with similar properties. Thus, the amount of increase alone does not indicate that there has been an error in the assessment.
Reassessment notices will show current assessed values, as well as the new proposed assessed values for 2009. Also shown on the notice are the times and dates when a property owner can make an appeal to the assessors office.
“Land Use” assessments are not shown on these notices.
Printouts of Countywide new assessments will be available for public viewing at the Dublin Public Library and the Pulaski Courthouse. These lists will give property owners an opportunity to compare their new assessments to other comparable properties.
The Board of Supervisors will set the 2009 real estate tax rate based on the budget for fiscal year 2009-2010. It will be impossible to determine the exact amount of taxes applicable to each property until the new tax rate is set by the Board.
The reassessment process began in the fall of 2007, with a study of real estate sales for 2006 and 2007.
As work continued, sales for the first half of 2008 were also examined and considered, and market value was estimated on all locally taxable County properties.
Since reassessments are a lengthy process, with market studies occurring roughly a year ago, the ability to react to recent market trends is limited.
In collecting sales information, the reassessment staff considers location, construction cost, quality of construction, condition of the buildings, etc., in order for the sales data to be compared, for assessment purposes, with the various properties in different neighborhoods throughout Pulaski County.
No sales or construction costs outside Pulaski County were used in the reassessment.
Sales that were higher or lower than typical sales were not considered in the assessments. Non-typical sales would include family transactions and sales that took place because of pressure on the part of the buyer or seller.
This can occur when there is an immediate need to raise money and time will not permit adequately exposing a property to the open market which could result in a sale for less than market value.
It is also possible that an adjoining owner will pay more than market value in order to protect his existing property.
Land tracts of similar size, use, etc., must be used when comparing assessments.
For example, a small-acreage house site will reflect a much higher value per acre than a larger acreage property, even though the two may adjoin each other.
Property owners are encouraged to compare their assessments with similar properties in order to determine if the assessments are fair and equitable.
If you feel your assessment is out of line with similar properties, or over market value, it should be brought to the assessor’s attention along with supporting facts that can be used in reconsidering your assessment.
Percentage of increase above the old assessed value is not, by itself, grounds for an appeal since the last reassessment was five years ago and does not represent today’s market value.
Owners of a manufactured home assessed as personal property need to be aware that water and septic systems are assessed as real estate and will be included on the landowner’s reassessment notice under proposed building value.
Water and septic systems are always assessed to the landowner regardless of ownership of the manufactured home.
Property owners are urged to keep in mind that reassessments are required by state law to bring all assessments to current market value and to provide for the equitable sharing of the cost of providing local and state services.