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Few appeal IOW property reassessments

Published 10:12am Friday, September 7, 2012

WINDSOR—Robert Whitehead wonders why the recent reassessment on his Windsor home is $100,000 higher than it was appraised for one month ago.

The 71-year-old is among the 23 owners of Isle of Wight County’s 20,000 properties, or 1/10 of a percent, who will appeal assessments to the County Board of Equalization on Wednesday, Sept. 19, at the courthouse.

Roanoke-based Wampler-Eanes Appraisal Group assessed Whitehead’s 1,700-square-foot home at 203 Hidden Acres Circle at $266,000. A Smithfield company appraised it at $168,000. During the last reassessment in 2010, the home was valued at $268,500.

“I’m just questioning why there’s such a big difference in it,” said Whitehead, a Newport News Shipbuilding retiree. “This is not the first time I’ve challenged an assessment. The county is hurting for money and they’re going to try to get it anyway they can.”

With the new assessment, Whitehead can expect to pay a property tax bill of $1,730. Should officials agree with a $168,000 assessment, his bill would be $1,092.

County property values fell by an average of 6 percent, said Commissioner of the Revenue Gerald Gwaltney. For example, a home valued at $200,000 in 2010 is valued at $188,000 now.

Seventy-eight appeals were heard after the 2010 reassessment when property values increased by about 10 percent.

“Values are driven by sales,” Gwaltney said.

Foreclosure sales weren’t included as part of the reassessment. Unlike Franklin, where the foreclosures made up 41 percent of sales and were included as sales for the city’s reassessment, IOW’s foreclosure rate was 10 percent.

The decrease in overall property assessments will lead to about a $1.7 million shortfall in tax revenue, Gwaltney said. To make up the money, the Board of Supervisors is considering a four-cent real estate tax rate increase.

The rate increase coupled with the average decrease in value would results in an average $3 decrease in real estate tax bills, Gwaltney said. For example, the owner of a $200,000 would pay $1,300 under the current tax rate and the 2010 assessed value, however; the same homeowner would pay $1,297 in taxes under the proposed tax rate increase and the 2012 assessed value.

The Board of Supervisors will have a public hearing on the proposed tax increase at 7 p.m. Thursday, Sept. 20, at the courthouse.

  • OldGuy

    Isle of Wight County spends money like a drunken Sailor, the problem is the Drunk Sailor is B-R-O-K-E. That fact, by no means is any indicator of how much money the B.O.S. and or County has spent. I could care less if this fund is broke, that fund is broke, that don’t matter. The County moves money around all the time. What kills the Taxpayer is the fact that we are taxed to death, then hit with a 13% tax increase last year on Real Estate, and our B.O.S. wants to add another 4 cents to the tax rate now. Wheather or not if the County has the money to spend is no issue to our supposed “Leaders”(?)What matters to them is how can we get the money we all want to spend? Who can we tax, who’s taxes can we raise? I.O.W has added 19 NEW Ford Tarus’s to the Sherriff’s dept, building a NEW Middle School (I’ll give you that, the old one should have been tore down 20 years ago)Now asking for additional $$ to re-vamp the Gym, going forward with plans for a NEW Municipal Building in Windsor,Handing out $500,000.00 worth of Ipads to Smithfield and Windsor High School students, (oh yeah, another $200,00.00 for a service contract) Handing our new “Sherriff Marshall” a whopping $16,000.00 for security for the Fair (he dropped that bomb on them 1 month ago, who’s been paying for all years past? Now we need to pony up $16K? Oh yeah, let’s not forget the new Sherriff’s arsenal and safety equipment he absolutely had to have, we gave up well over $1 MILLION for a new Humane Shelter last year, the list goes on and on and on….It must be 100% true that when people spend money the Dopeamine stimulizes the brain, we have 5 members on the Board who must be stimulized to the MAX!! Rex I hope you run for re-election…..I will never again be fooled by the likes of you sir!! STOP SPENDING OUR TAX DOLLARS ON THIS FRIVOLUS CRAP, TRY TO SAVE A NICKLE ONCE IN A WHILE!!!

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    • gs

      Move to another state like New York who has higher tax rates. Better yet, move to another country and you may understand how Isle of Wight is still attractive.

      Suggest Removal

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