Montgomery County landowners should consult their mailboxes next week to find out the new taxable value of their properties.
The county mailed quadrennial reassessment notices to 37,159 property owners on Friday, and the appeals process begins Monday.
In broad terms, residential real estate values rose from 3 to 11 percent. Multifamily family housing values increased from 4 to 21 percent. And commercial values went up between 4 and 9 percent, based on the type of business or industry, according to a county news release.
Individual assessment changes may vary depending on construction and condition of properties, as well as neighborhood market factors. As such, a specific property value may be assessed higher or lower than the average, the release stated.
Under state law, Montgomery County conducts a reassessment every four years to reset the property values used for taxation. This year, the Wampler-Eanes Appraisal Group of Daleville has been analyzing the value of every property in the county. That firm also conducted the 2015 reassessment.
Field inspectors visit properties to assess condition, which is used along with an analysis of “neighborhood sales, land values, yearly appreciation trends and other data” to determine a value, the release stated.
Appointments for so-called “informal appeals” done through the Reassessment Office can be made beginning Monday - and those will be heard from Oct. 31-Nov. 19.
Residents who are still unhappy with the reassessment figures can file a formal appeal to be heard by the Board of Equalization starting in January. All formal appeals must be postmarked by Nov. 9, the release stated.
Residents who disagree with the equalization board’s conclusion may appeal to the courts.
Reassessment will be part of county supervisors’ annual budget talks next year, and they will have to decide whether to offset increases in assessed value with a lower real estate tax rate.
In 2015, values of residential property remained essentially flat and commercial property rose an average of 5 to 9 percent. Multi-family housing rose an average of 30 percent to 50 percent, which prompted criticism from the New River Valley Apartment Council.
Drafts of the 2018 Reassessment Books will be available Monday at the Blacksburg, Christiansburg and Meadowbrook libraries; the Clerk of Circuit Court’s office; and the lobby of the Commissioner of Revenue’s Office in the County Government Center at 755 Roanoke St., in Christiansburg.
For more information, visit https://www.montva.com/reassessment or call 394-3126.