Reassessment Notice Clarification

FOR IMMEDIATE RELEASE

County Clarifies: School Finances Are Not Driving Increased Real Estate Assessments

The County is aware of recent rumors suggesting that the local school system’s financial needs are responsible for higher real estate assessment values. This information is incorrect, and the County is issuing this clarification to ensure residents have accurate, factual guidance.

Assessments Reflect the Real Estate Market—Not the County Budget

Virginia law requires all localities to base real estate assessments on current fair market value. This means assessors must determine what properties would sell for in today’s real estate market.
Assessment values cannot be adjusted to meet the County’s or the school system’s budget needs.

The recent increase in property assessments is the direct result of strong real estate market activity, including higher home sale prices across the region. The financial condition of the school system—or any County department—plays no role in determining assessed values.

Tax Rate Will Be Equalized

To ensure fairness to taxpayers, Virginia law also requires the County to calculate an equalized tax rate whenever reassessment causes the overall tax base to rise.
The equalized rate is the rate that would generate the same amount of revenue as the previous year, before reassessments.

The Board of Supervisors will review the equalized rate and may choose to adopt it or consider a different rate as part of the annual budget process. Any rate higher than the equalized rate requires an advertised public hearing, ensuring transparency and public input.