RECENT COMMENTS
New real estate assessments coming July 1
In anticipation of the 2012 land book and resumption of reassessment, Assessor’s Office will publish new assessed values on July 1, 2011. You will be mailed a reassessment notice at that time.
If you believe that the reassessed value is incorrect, you will have the opportunity to file an appeal to Assessor’s Office during the month of July. Call or email The Assessor’s Office if you have any additional questions at 900 E. Broad Street, Room 802 Richmond, VA 23219, Ph: 804.646.5600 Fx: 804.646.7655, or Email: james.hester@richmondgov.com.
The real estate reassessment process was suspended/frozen by Richmond City Council (Ordinance 2010-92-105) until the year 2012 due to the change to the bi-annual billing of real estate taxes. As such, all assessments on the 2010 land book were carried forward to the 2011 land book except properties having a specified reason for change (capital improvement, demolition, etc.). Assessment changes for these properties were recalculated for 2011, but at the January 1, 2010 market level.
Despite home prices falling over the past year, I am pretty certain we’ll see assessments stay flat. City hall is way too greedy to let that revenue go away, even while citizens are tightening their belts.
You can always appeal to the Board. If a home was bought/refinanced during the real estate bubble it has, more than likely, fell in value.
My current home was refinanced, pretty much sight unseen in 2006 by the previous owner, for 300+ times it’s value. I appealed to the Board to reduce the taxes when I purchased it. They reappraised it and my appeal was successful.
The process does not cost anything and is worth the effort if you believe that your home has slipped substantially enough to lower your tax bill. It may take a couple months for a hearing if you do. Appealing this time of year may get you a hearing in October.
nothing like finding out your home depreciated in value by 12% over the past year. what the heck?! god bless america, huh?
But keep in mind that the city went through during the boom and completely blindsided some folks in Church Hill, Northside, and I’m sure others, with harsh increases – some up to 400% over a 2-year period. It’s the city’s fault if they now lose money. They should’ve remained level headed during the housing boom instead of trying to chase the market. Unfortunately for them, that chase now has to go the other way.