2023 General Reassessment of Real Estate
Reassessment is the process of determining the value of property or land for tax purposes. Reassessments are required by law to insure that each property is valued fairly. The purpose of property tax reassessment is to realign the values of real property that are determined with values of other kinds of property that are assessed annually, such as personal property, utilities and mobile homes.
As required by the Code of Virginia, Montgomery County is required to reassess all real property at least every four years at fair market value. Property taxes are calculated using the assessed value and the tax rate. The 2019 reassessment results went into effect on Jan. 1, 2019.
A reassessment will result in a new value being established for your property. This new value will replace the value currently on your property and will be the basis used for taxing property. Please remember that an increase or decrease in property value does not automatically mean an increase or decrease in your property taxes.
The County is divided into smaller neighborhoods for market comparison. Each property is visited by a field inspector who verifies data and collects additional data. The field review is done with the homeowner if they are at home. Typically, the inspector will not enter into a dwelling. The work of field inspectors is reviewed by field supervisors, who often will not need to leave their vehicle to talk to the property owner unless there is a question. Data collection is entered into the mass appraisal system and accuracy validated. Neighborhood sales, land values, yearly appreciation trends and other data are analyzed throughout the process.
After reassessment is completed, property owners are notified. Property owners who disagree with the reassessment results are given an opportunity to two levels of appeals. The first level is the informal hearings conducted by the assessors who have conducted the general reassessment. The second level is to appeal to a Board of Equalization appointed by the Circuit Court from recommendations made by the County.
Montgomery County's 2019 general reassessment was conducted by Wampler-Eanes Appraisal Group of Daleville. They will also be conducting the upcoming 2023 general reassessment, starting the field work in the fall of 2021.
The most frequent cause of change in value results from a change in the market. When market value changes, so do assessed values. A property's value can also change for other reasons, such as additions, garages, remodeling or damage or destruction.