1. REASSESSMENT WHY BOTHER SINCE IT COSTS SO MUCH TO DO THE REASSESSMENTS?

2. REASSESSMENT 58.1-3252 IN THE CODE OF VIRGINIA REQUIRES COUNTIES WITH LESS THAN 50,000 POPULATION TO CONDUCT A REASSESSMENT ON A CYCLE OF NO LESS THAN SIX YEARS.

3. BOARD OF SUPERVISORS THE BOARD OF SUPERVISORS HIRE AN OUTSIDE CONTRACTOR USING THE BID PROCESS BLUE RIDGE APPRAISAL CO., LLC WAS SELECTED

4. BLUE RIDGE APPRAISALS THE INITIAL PROCESS INCLUDED: A COMPREHENSIVE SALES STUDY INTERVIEWS WITH BUILDERS VISITS TO SUPPLIERS INTERVIEWS WITH REALTORS CREATING VALUE MODELS

5. BLUE RIDGE APPRAISALS SYSTEMATIC FIELD WORK HAS BEEN ONGOING FOR SEVEN TO EIGHT MONTHS CONDUCT SITE VISITS TO ALL PARCELS: CONFIRM MEASUREMENTS OBSERVE PROPERTY FEATURES ADD NEW CONSTRUCTION

6. BLUE RIDGE APPRAISALS THE PROPERTY INFORMATION GATHERED IS THEN APPLIED TO THE MODELS. OPINION OF VALUE IS APPLIED AND COMPARED TO SALES FINAL ADJUSTMENTS TO THE ASSESSMENTS ARE MADE.

7. BLUE RIDGE APPRAISALS NOTICES OF THE APPRAISERS PROPOSED VALUES ARE EXPECTED TO GO TO LAND OWNERS EARLY IN FEBRUARY

8. EQUALIZATION THE MOST IMPORTANT ELEMENT OF ANY ASSESSMENT IS: EQUALIZATION OF VALUES FOR LIKE PROPERTIES.

9. BLUE RIDGE APPRAISALS NOTICES WILL INCLUDE INFORMATION FOR TAXPAYERS SO THAT THEY CAN MAKE APPOINTMENTS TO APPEAL ASSESSMENTS THAT THEY CONSIDER INCORRECT. SUFFICENT TIME WILL BE GIVEN FOR ALL.

10. COMMISSIONER OF THE REVENUE CUSTODIAN OF RECORDS MAKE RECORDS AVAILABLE TO BLUE RIDGE APPRAISALS TO LAND OWNERS & PUBLIC ALL LAND RECORDS ARE PUBLIC MAKE THE APPOINTMENTS FOR APPEAL ASSISST LANDOWNERS PREPARE THEIR APPEAL

11. REASSESSMENT RESULTS THE FOLLOWING IS MY OPINION AND IS BASED ON INFORMATION FROM SALES RECORDED IN THE CLERK'S OFFICE. MY STUDY IS LIMITED AND NOT INTENDED TO BE AS COMPREHENSIVE AS THE STUDY DONE BY BLUE RIDGE.

12. REASSESSMENT RESULTS MY PURPOSE IN THIS PRESENTATION IS TO INFORM THE SUPERVISORS I WANT YOU TO KNOW WHAT TO EXPECT THE ASSESSMENTS WILL SURELY INCREASE

13. REASSESSMENT RESULTS I BELIEVE THAT THE INCREASE WILL BE AT LEAST 50% OF THE CURRENT VALUE. THE REAL ESTATE AND IMPROVEMENTS ARE CURRENTLY ASSESSED AT TWO BILLION DOLLARS AND I THINK IT WILL GO TO NEAR THREE BILLION DOLLARS.

14. TAXPAYER RESPONSE MANY OF OUR TAXPAYERS DO NOT FOLLOW THE MARKET CLOSELY. EXPECT THEM TO BE CONCERNED SOME WILL BE UPSET THEY WILL NEED TO BE REASSURED THAT TAXES WILL NOT GO UP ACCORDING TO THE ASSESSMENT INCREASE.

15. BLUE RIDGE APPRAISAL THE BLUE RIDGE APPRAISERS ARE PREPARED TO STAY HERE AS LONG AS NEEDED TO HEAR FROM CITIZENS.

16. BOARD OF EQUALIZATION YOU HAVE APPOINTED A GOOD BOARD OF EQUALIZATION AND THEY WILL BE PREPARED TO HOLD HEARINGS AFTER THE APPRAISERS HAVE COMPLETED THEIR WORK. THEY WILL SET THEIR OWN SCHEDULE ALLOWING SUFFICIENT TIME FOR LAND OWNERS TO MAKE THEIR APPEALS

17. LANCASTER COUNTY CIRCUIT COURT APPEALS THE CODE OF VIRGINIA PROVIDES FOR AN APPEAL TO THE COURT AND HAS NO TIME LIMITS DURING A REASSESSMENT CYCLE. THIS LAST RESORT AVENUE IS ALWAYS OPEN TO OUR TAXPAYERS.

18. SALES STUDY CHARTS I HAVE PREPARED A FEW COMPARISON CHARTS. THIS IS LIMITED BUT CAN BE INFORMATIVE THE SALES WERE RECORDED IN JULY TO NOVEMBER 2007

19. STATE DEPARTMENT OF TAXATION RATIO THE RATIO STUDY DONE BY THE STATE SHOWS AN ASSESSMENT TO SALES RATIO OF LESS THAN 60%. AS YOU ARE PAINFULLY AWARE THIS REFLECTS POORLY IN THE COMPOSITE INDEX.

20. ASSESSMENT/SALES RATIO IMPROVED WATERFRONT 26 SALES 65%

21. ASSESSMENT/SALES RATIO IMPROVED INLAND PROPERTY 52 SALES 60%

22. ASSESSMENT/SALES RATIO UNIMPROVED WATERFRONT 6 SALES 50%

23. ASSESSMENT/SALES RATIO UNIMPROVED INLAND 26 SALES 42%

24. COMMERCIAL 8 SALES 40%

25. CONCLUSION THE SALES INCREASES ARE AFFECTING ALL TYPES OF PROPERTIES SHOWING A SIGNIFICANT SELLING PRICE INCREASE OVER THE ASSESSED PRICE.