BEDFORD COUNTY, Va. – People living in Bedford County may be in for a shock soon.
The county will mail property reassessments Friday, and many properties will see a dramatic increase in value.
The President of Wingate Appraisal Service, Don Thomas, led the reassessment process.
“As a group of appraisers, our job is not to determine what the market is, but to reflect what the buyers and sellers are doing in the market right now,” Thomas said.
The county is required to conduct a reassessment every four years, but this one comes at a time when the housing market is skyrocketing.
“How aggressive the residential market is,” Thomas said. “We found that to be the property class that accelerated the most.”
The appraisal process took place over the last 18 months.
“It’s dependent on location, characteristics of the properties, verification of data, and then analysis at the final stage,” he said.
The value of your home determines your real estate tax – meaning the more your house is valued, the more you will pay in taxes.
County administrator Robert Hiss wanted to assure people that Bedford County is taking that in when making the budget.
“The board of supervisors has always been incredibly sensitive to the tax burden on the citizens and they will continue to be through this process,” Hiss said.
Here’s some good news – the board said it will work to lower taxes in the coming months for the next year.
“The current rate is 50 cents, and it will definitely be reduced off of the 50 cents,” Hiss said.
Bedford County wanted people to understand the assessment letter they receive in the mail is not a tax bill.
If you think there is something wrong with your appraisal value, you can schedule an appointment for an appeal within the coming weeks.