Real Estate Reassessments
If you haven’t opened up your 2008 Real Estate Reassessments yet - Don’t. Well I guess you better but for many in Chesterfield County it hasn’t been good news. Many people in the county are seeing increases over 20%.
I’ll be honest I had no idea what all this means - I just assumed you get what you get and their is nothing you can do about it. Here is a link for more information on the Department of Real Estate Assessment.
One thing I am surprised about is that they are using 2006 Sales Data to determine property values. According to an article in the RTD; the assessor’s office reviewed the 2007 data but went with the 2006 data as mandated in the county code. And I guess they did - 2006 was a much better year than 2007. Houses were still selling quickly and folks were still getting top dollar for their homes. But in 2007 many property owners in our neighborhood had a tougher time selling. Properties stayed on the market longer and if you needed it to go quick - you lowered your price. I am assuming this was the same for many home owners across the county.
If you did not get your reassessment in the mail. You can go here and look at it online.
If you disagree with the assessment - deadline for review is March 15th. and for an Appeal the deadline is April 15. (link)
Another note - Jon Baliles blogger at RiverCityRapids mentions briefly the same fate for many Richmonders with their assessments. Jon states the he will follow up with some tips on contesting your assessments. Which may be helpful to us for contesting ours.
If you have some tips - go ahead and leave them in the comments section.
The property search reassessment doesn’t work for me, but I did get it in the mail. Well, it did go up but I don’t recall by what %…
Ours went up about 8%. I look at the assessment at it is suppose to be fair market value of what the property would sell for. It’s not exact a little under (so that’s good I guess). But when I look back at previous year assessments compared to fair market value of that year its way below. So for the previous owners it must have been great. For me I think that stinks. I don’t know am I think about it the wrong way??..