JCC Residential Tax Assessments Down Almost Six Percent

February 29th, 2012 by Desiree Parker

jcc_new_logoJames City County’s overall real estate tax assessments dropped over three percent this year, and residential assessments dropped almost six percent, according to tax data released Tuesday. The drop was on par with what the county had anticipated.

The county has a biennial (two-year) real estate tax assessment cycle; the last cycle started in 2010. Before 2010, the county had a one-year cycle. The new assessments were just completed and showed a decline in overall real estate assessments of $10.9 billion, which is 3.67 percent lower than 2010. Individual residential home values dropped by 5.64 percent. Staff had originally projected a six percent drop in residential assessments.

These reassessments reduce projected county revenues by about $3.9 million for upcoming fiscal year 2013, but this is partially offset by new taxable property coming on the books, according to the county’s Financial Manager John McDonald. He noted that these numbers are only tentative projections and could change as adjustments are made during the appeals process.

The county reports that homes valued at less than $200,000 and more than $700,000 saw the least amount of valuation reduction; homes valued between $300,000 and $500,000 saw reductions that were higher than average.

Info For Property Owners

Property owners may request a review of their assessment between Feb. 29 and March 30 by calling 253-6650. An appraiser will review the assessment to insure property information is correct, and confirm that it represents fair market value and is equitable with other similar properties. If the issue is not resolved by phone, the property owner may request an appraiser visit the property. Property owners will be notified by mail if the assessment is revised. Owners dissatisfied with the outcome may file an appeal in writing with the Board of Equalization no later than April 30. Get more information online.

No county properties saw an increase in value, neither residential nor commercial.

The county evaluated 31,000 properties, including 27,600 residential ones. About 22,000 homeowners will receive assessment reduction notices soon that will be valid through 2014.

During a Board of Supervisors discussion on the upcoming budget in January, county staff cautioned the Board to expect a reduction in residential real estate property values of an average of six percent, close to what the current numbers indicate. The Board will need to decide how to make up for two years of lower property tax revenues.

The Board sets the real estate tax rate; at a meeting earlier this year staff told the Board that it could choose to make up for projected revenue shortfalls in the upcoming biennial budget by increasing this rate (see a previous story here).

The current tax rate is 77 cents for every $100 in value. Should the rate stay the same, this would mean an average savings of about $115 for a home valued at $250,000. This is only based on the average, though – homeowners could see more or less savings, depending on individual home assessments.

The Board is set to adopt the tax rate when it adopts the budget, which will be on May 8. The County Administrator’s proposed budget will be released on April 13, with a public hearing to follow.

 

 

8 Responses to JCC Residential Tax Assessments Down Almost Six Percent

  1. No Higher Taxes

    February 29, 2012 at 11:34 am

    Well this just goes to prove, once and for all, that taxes should not be raised one penny for any local budgets.

    Keep the rate the same so homeowners can at least get the tax break they deserve in lieu of their declining property value and declining personal wealth.

  2. Veteran

    February 29, 2012 at 1:42 pm

    Or, dedicate 100% of any increase exclusively for WJCC Public School instructional needs. I’d rather build schools than prisons on any day of the week, and those with “declining personal wealth” should understand their obligation to the community of which they’re a part. Tea Party or not.

  3. mytwocents

    February 29, 2012 at 3:04 pm

    I agree with No Higher Taxes. The same is happening in York county. Why should it be incumbent upon the residents who are least likely to be able to affort it to make up for county shortfalls?

  4. I seem to recall

    February 29, 2012 at 3:22 pm

    that before the election, one or more of the Republican candidates promised that there would be no tax increase.

    Guess we’ll get to see if they keep their promise.

  5. maryk

    March 1, 2012 at 2:13 am

    [quote name=”Veteran”]Or, dedicate 100% of any increase exclusively for WJCC Public School instructional needs. I’d rather build schools than prisons on any day of the week, and those with “declining personal wealth” should understand their obligation to the community of which they’re a part. Tea Party or not.[/quote]

    Noone with a grain of brains can POSSIBLY think that more money dumped into education will increase education……its not solely a money issue and I do think there is plenty of money being spent on our kids, and YES I DO LOVE MY KIDS, I have four thank you. Stop play this card…..

  6. I remeber that too

    March 1, 2012 at 4:14 pm

    [quote name=”I seem to recall”]that before the election, one or more of the Republican candidates promised that there would be no tax increase.

    Guess we’ll get to see if they keep their promise.[/quote]

    I also seem to recall all of the unified screaming that the prospects of raising taxes was just a “fear mongering scare tactic” by those who were obviously right, again!

    Do you happen to remeber that too!?!

  7. I too seem to recall

    March 2, 2012 at 9:04 pm

    When life was good and all of our property values were going up, up, up the local governments lowered our real estate tax rates. No one said peep about that and smiled all the way to the bank. Now that things are going the other way, it doesn’t seem unreasonable to return the rates to where they were in the 90s. Taxes are the price one pays for living in a civilized society that educates its children and provides basic human services.

    Veteran has it right – schools are a far better option than prisons. If you don’t want to pay taxes, move to a third world country and hire a security service to keep the uneducated masses of beggars and thieves away from your door.

  8. Vicki

    March 7, 2012 at 9:29 pm

    Just when we hope to have some relief in taxes, the liberals start talking once again about “programs” that the majority of us don’t receive any benefit from. If you want your kids to participate in EXTRAcurricular programs, why don’t you pay for them out of YOUR pocket. And those that end up in jail, aren’t going there because they didn’t have the benefit of a “free” education or the benefit of a “free” lunch. It’s because they are raised in “families” that don’t place values on them at home. And that has nothing to do with additional monies thrown at them. I figure if parents can afford new Nike tennis shoes or the latest IPhone, then can afford to feed them, take them to school and provide them with “extracurricular” programs.

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