By. Brent Wilson, Field Officer
In a critical step in their budgeting process, the Greene County Board of Supervisors learned the results of the recent county wide reassessment. Fred Pearson of Pearson’s Appraisal Service addressed the Greene County Board of Supervisors at their January 13th meeting. Pearson reported to the Board of Supervisors that the assessed property values in Greene County are essentially flat. Property taxes (based on property values) are the lion’s share of revenue in Greene County’s annual budget
Pearson further explained that homes were grouped by neighborhood to determine assessed values. Last fall 30 home owners called to schedule appointments to discuss their property valuation. Of that group, half had reductions given to their assessed values. Owners are interested in a lower assessed value since it would lead to a smaller property tax bill. Pearson further indicated that only Dogwood Valley had a significant decline in value. He expressed his thanks to Commissioner of the Revenue Larry Snow and County Administrator John Barkley for assisting in his reassessment.
Pearson explained to the Board of Supervisors that there was approximately a 1% reduction in value since his last assessment. When asked what he anticipated in the next few years, Pearson indicated that gasoline prices are down, the economy is improving and the real estate market is strong. So he would assume that prices may start to move upward in the future. Supervisor Bill Martin, Stanardsville District, referred to the recently released Charlottesville Area Association of REALTOR’s (CAAR) Market Report that showed Greene County had a 12% growth in housing sales in 2014 over 2013.
Pearson stated that he only made changes to the assessed value when the change in value was at least 2% different from the prior assessment. Supervisor Jim Frydl, Midway District asked that Pearson consider making changes when the value changes by 1% so that homeowners see smaller increases rather than wait until the increase reaches 2%.
Supervisor Bill Martin also suggested that Greene County announce when the reassessments are being mailed to landowners. He noted that this information was only posted on the county website last fall. Finally Supervisor Davis Lamb, Ruckersville District, asked if the cost of living goes up, does that mean that real estate values will increase. Mr. Pearson indicated that no, this would not necessarily mean an increase in property values.
The Free Enterprise Forum’s coverage of Greene County is provided by a grant from the Charlottesville Area Association of REALTORS® and by the support of readers like you.
Brent Wilson is the Greene County Field Officer for the Free Enterprise Forum a privately funded public policy organization.