The Reassessment Process Real Estate Assessments Division James City County, Virginia.

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Presentation transcript:

The Reassessment Process Real Estate Assessments Division James City County, Virginia

Mission Statement Fairly and equitably assessing James City County real estate and providing accurate property information under the authority of the Constitution of Virginia, Code of Virginia, and James City County Code.

Assessment Cycle Biennially, every 2 years on even numbered years Next Reassessment will be as of January 1, 2016

Mass Appraisal Mass appraisal is defined by the International Association of Assessing Officers (IAAO) as “the process of valuing a group of properties as of a given date, using standard methods, employing common data, and allowing for statistical testing.”International Association of Assessing Officers Endorsed by the International Association of Assessing Officers, Virginia Association of Assessing Officers and the Virginia Department of Taxation.

Mass Appraisal Technique Properties with a commonality based on land uses, types and age of buildings, and that share important locational characteristics, which may be defined by natural, manmade or political boundaries are grouped together in assessment areas. Sales are then verified by staff and prepared for statistical analysis.

Sales Statistical Analysis

A number of statistical measures are then considered, such as Median Assessment Sales Ratio, Coefficient of Dispersion, Standard Deviation and Price Range Differential.

Sales Statistical Analysis

Final Analysis After analysis, staff selects the best statistical proposal and certifies the values for January 1. Some commercial and industrial properties are assessed using the income and cost approaches.

Notice of Change in Assessment Mailed to property owners approximately sixty days after January 1. Some parcels may not change in value while others increase or decrease.

Review Period Property owners can request a departmental review for 30 days following the notice of change by contacting the Real Estate Assessments Division. If unsatisfied, they have another 30 days to appeal to the Board of Equalization which is typically held in June.

Review Period If unsatisfied with the decision of the Board of Equalization the property owner may appeal to the Circuit Court. Application to the Board of Equalization and the subsequent hearing is a prerequisite to any filing with the Circuit Court.

Questions CONTACT: James City County Real Estate Assessments Division 101-F Mounts Bay Rd. Williamsburg, VA Mailing Address: P.O. Box 8784 Williamsburg, VA P: F: