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Assessments are higher than ever
"These assessment increases are the highest any of us can remember," County Administrator Lane Ramsey said. He has been Chesterfield's administrator for the past 20 years. More than 90 percent of homes in the county had their assessed values increase. "[One property owner] had a property value increase from $89,200 [for 2004] to $592,000 [for 2005], a 564 percent jump," Brenda Stewart, a Matoaca resident, complained to the Chesterfield Board of Supervisors last week. In a four-page memo given to the board, she wrote that "properties are not being equitably assessed." She charged that one property owner did not receive sales data used in revaluing that property "when requested and as required by law...We need standards to be sure all taxpayers are treated equally." The assessments are based on values in 2005, which was a banner year for residential real estate sales. Sales of some homes became bidding wars, and many property owners sold their homes above the asking price. According to Jonathan Davis, director of the county's Real Estate Assessor's Office, the average new home selling price - single-family and multifamily - was $319,000 in 2005. Giving some hope for tax relief next year, Ramsey said, "The market for 2006 has flattened." However, though homes are on the market for a longer period of time, the prices of new and existing homes continue to escalate. In order to be revenue neutral, Chesterfield County would have to drop the property tax rate from its current $1.04 per $100 of assessed value to 92 cents, according to Budget and Management Director Allan Carmody. Ramsey's staff is currently developing the FY08 budget, which starts July 1, with a tax rate of 99 cents that includes one penny being set aside for road building (see story on this page). Henrico County's property tax rate is currently 88 cents as adopted last year. The value of all property in Chesterfield climbed 18.1 percent to $28.7 billion. Davis reported that there are 1,330 tax exempt properties in the county with a total assessed value of $1.5 billion. Most of those properties are churches. Tax relief is available for seniors ages 65 and older and those permanently disabled if their annual household income is less than $52,000 and their net worth is less than $169,100. Net worth includes a house and the first ten acres of land. The maximum allowable relief is $2,000. For more information or applications, call 748-1281, e-mail cor@chesterfield.gov or visit www.chesterfield.gov/comrev. The assessor's office only sends notices to homeowners whose property has changed in value and/or ownership during the past year. To prove your property is assessed too high, you have to do some digging. The process begins by calling the assessor's office at 748-1321. Ask for an appeal application form, which has to be completed and returned by Mar. 15. "The property owner is going to need some factual information to substantiate the property's value," cautioned Davis. Real estate values are public information and are available on the county's Web site at www. chesterfield.gov by clicking on the link for "real estate assessments." After submitting the form, a county appraiser will review the property by conducting an onsite inspection. If the citizen is not satisfied, the case may be taken to the Board of Equalization, a courtappointed panel of property owners. There, the property owner can argue his case or watch the board review his submittal. The final arbitrator is the circuit court. There are also partial tax exemptions for rehabilitated or renovated buildings and for commercial and industrial properties in an "enterprise zone." Call 796-7123 for information.
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Fall & Winter Guide 2008-09
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