James City County’s average single family residential reassessment increase is 4.83 percent. The County’s taxable real estate tax value increased by approximately 8.74 percent to $10.68 billion for FY 2008. Property reassessment notices will be mailed beginning Aug. 24 to owners of 25,986 properties whose property has changed in assessed value.
A public hearing on the assessments and real property tax will be held on Sept. 25 at 7 p.m. at the County Government Complex, 101 Mounts Bay Road, Building F. Written comments also may be mailed to the Office of the County Administrator, P.O. Box 8784, Williamsburg, VA, 23187-8784, or may be presented to the Board of Supervisors at its public hearing.
Of the 29,943 taxable properties in the County, the assessed value of approximately 87 percent changed, according to Richard J. Sebastian, Director of Real Estate Assessments. The total taxable assessed value of all property is up from $9.8 billion in FY 07. Of the total FY08 increase, 4.07 percent is attributable to $400 million in new construction, of which $326 million was single family residential. Approximately 4.67 percent of the increase was due to price appreciation in all classes of property, including single and multi-family residential, agricultural, commercial/industrial and tax exempt.
The Real Estate Assessments Division assesses all real property annually based on the fair market value of the property as of July 1. The new values will be effective for this fiscal year, July 1 to June 30, 2008. In James City, real estate property taxes account for 49 percent of the resources available to operate County services.
James City’s state-licensed appraisers analyze sales and assessment-sales ratios in order to determine whether a property assessment should be increased, reduced or remain the same. The County analyzes properties by assessment areas, which are based on common land uses, types and age of buildings, value range, and other locational characteristics. A nationally recognized computer valuation system is used to mass appraise the properties.
Property reassessment reviews may be requested from Aug. 24 to Sept. 26 by calling 253-6650 from 8 a.m. to 5 p.m. An appraiser will review the assessment to insure that the property information is correct, and to confirm that it represents fair market value and is equitable with similar properties. If the issue is not resolved by phone, property owners may request that an appraiser visit the property.
Property owners will be notified by mail if the assessment is revised. Property owners who are dissatisfied with the outcome of the review may file an appeal with the Board of Equalization by Oct. 26.
For more information on assessments in general, statistics related to this reassessment and to review current property information on-line, visit www.jccEgov.com. JCC TV48 will broadcast “Reassessments in James City County” daily on Cox Channel 48 starting Monday, Aug. 27, at 11 a.m. and 7 p.m. The program will also be available on the County’s Web site.
For information on the County’s real estate tax relief program for elderly and disabled citizens, contact Commissioner of the Revenue Richard Bradshaw at 253-6695. The program provides real estate tax relief to homeowners who are 65 or older and those who are permanently and totally disabled if they meet certain income and financial worth qualifications.
The Commissioner of the Revenue also administers the land use assessment program which offers tax deferrals for qualifying forested and agricultural land. Reduced real estate taxation is also available to properties with conservation and preservation easements.
