Prince Edward County Property Reassessments Completed

PRINCE EDWARD – Prince Edward County property owners received a notice from Prince Edward County Reassessment concerning the new assessed value for their property effective January 1, 2021. The Code of Virginia mandates that a general reassessment be conducted by the County at least every six years; the last assessment was effective January 1, 2015.  Reassessment is the process by which the assessed value of real estate property held by citizens, businesses, and industries within the County boundaries is revised to reflect fair market value. Adjustments in value are necessary to reflect the current real estate market in order to more equitably distribute the tax burden among the citizens of Prince Edward County.

According to “Preliminary Market Study Indications” provided by Wampler-Eanes Appraisal Group for the Prince Edward County 2021 Reassessment, as of November 16, 2020, the overall average increase in market value of all property classes, excluding non-taxable (exempt), was 19%. Prince Edward non-taxable (tax exempt) properties have increased 60%. Residential property has experienced the greatest increase, generally in the 10-20% range, depending on age, condition, location, and other adjustment factors. Commercial property in general experienced an overall average increase of 11%. Open and wooded land tracts increased about $300/acre. 

The percentages are preliminary in nature and are subject to additional refinement and adjustment once the appeal phase of the reassessment is complete. These percentages are overall averages and should not be applied as percentage increase to any particular property or property type. 

The 19% approximate increase is in line with other counties in Virginia who are currently completing their reassessments: Pulaski (15%), Caroline (19%), Carroll (13%), and Washington (15%).

“Citizens’ first question after they receive their reassessment is understandably, ‘How much will my taxes increase?’” stated County Administrator, Doug Stanley. “It’s important to note that the reassessment and the setting of tax rates are two separate processes. The tax rates will not be set until next year during the 2021 budget process.  State law requires that the County equalize the tax rate based on the average increase in assessments. State law requires that the County equalize the tax rate based on the average increase in assessments,” he concluded.

Mr. Stanley provided an example, “For instance, if the final average increase in assessments was 10%, then the County would have to adjust the real estate tax rate from $0.51 per $100 of assessed value to $0.46 per $100 of assessed value.  If the Board of Supervisors decides to increase the tax rate above the equalized amount for 2021, they have to advertise that increase as a tax increase.”

Wampler-Eanes is currently scheduling appeals for December 8, 2020 through December 18, 2020.  Due to COVID-19, there will be no face-to-face hearings; all appeals will be conducted in writing or through email. 

Taxpayers with questions or concerns about the reassessment process are urged to contact the Reassessment Office at (434) 569-5635 during the hours 9:00 a.m. to 4:00 p.m.  You can submit your reassessment appeal to: Prince Edward County Reassessment Office at P.O. Box 382, Farmville VA, 23901 or to: wamplerprinceedward2021@gmail.com.  

The deadline for appeals is December 18.  Taxpayers will be notified by mail within 4-6 weeks of the conclusion of the outcome of any appeal.  Values may be raised, lowered, or remain unchanged as a result of appeals.  The goal is to maintain accuracy and consistency and to reflect current real estate market conditions.