It’s Property Assessment Time Again
By: Jennifer Buske
Stafford County assessors are dinging something a little different as they wrap up their appraisals throughout the community.
For the first time in years, property assessments are going down, according to Stafford’s commissioner of revenue, Scott Mayausky.
“I’ve been here 12 years and it’s the first time I’ve seen a decrease,” Mayausky said. “…But, we’re right on top of the market. We followed it up and we’re following it down.”
Mayausky made a presentation to the Stafford County Board of Supervisors Tuesday in order to give them an initial glance of what lies ahead. Supervisors will take property assessments into considering when setting the tax rate later this year.
As part of the biennial event, about 48,500 properties will receive reassessment notices in mid February. Although nothing is finalized, Mayausky said the total real estate tax base in Stafford will be reduced by about 4.5 percent.
The average assessed value of a county home may drop 15 to 20 percent. This, however, is only an estimate, Mayausky said, nothing that some may decrease more and some may even increase in value.
“The economy is not that great,” Mayausky said, adding that the average assessment of a Stafford home is about $327,000, compared to $390,000 in 2006. “People in the real estate market kept saying (a booming market) can’t go on forever, so I think this is just its natural correction.”
To determine property values, the county sends five assessors out to visit about 10 percent of Stafford’s residential and commercial properties, Mayausky said. The process stretches over two years, beginning the moment after one cycle is complete.
Values are calculated by looking at historical date, recent sales, additions to homes and new subdivisions or strip malls through the county’s 500 neighborhoods.
“We try to treat each neighborhood as its own individual market and try to reflect the market pretty accurately,” Mayausky said. “We know that a lot of neighborhoods have seen prices dropping, and we will reflect those in the reassessments. Certain segments, however, are strong. Land value, for example, remains strong so rural areas won’t see property values dropping the way some of the subdivisions are going to see.”
In Spotsylvania County, reassessments are likely going up, said Patrick Quinn, chief appraiser for Spotsylvania. Because they are still calculating values, however, Quinn said it is too soon to say much more.
“It’s going to be hard to explain to the public why they are going up when the market is going down,” Quinn said. “…But, the only reason assessments are going up is because we were father behind the market two years ago when the assessments came out.”
Officials in Fredericksburg’s commissioner of the revenue office could not be reached for comment.
According the Mayausky, Stafford residents can appeal their reassessment notice or do their own research on property values. He, however, said it is important residents remember that reassessment notices are not necessarily a reflection of what the tax rate will be.
“The tax bill is more a function of the tax rate, not the reassessments,” he said. “The board has to look at the rate and at budget needs. Just because reassessments go down, doesn’t mean tax bills will go down.”
Last year, the board set the tax rate at 70 cents per $100, which generated $118,482,782, Mayausky said, adding that real-estate taxes make up about 60 percent of local revenue.
Stafford Supervisor Paul Milde, R-Aquia, said it is still too early to tell what the tax rate will be this year.
“This was not totally unexpected,” Milde said about the declining property assessment values. “This will force us to trim some of the fat off the county budget. We are going to be 4.5 percent short on property tax revenue, so we have to make up the difference somehow.”
Stafford County Adminstrator Anthony Romanello told the board Tuesday that although there is not a hiring freeze in place, some county positions are currently being left open in order to save money. He warned the group, however, the eventually those expenditures will have to be made.
Mayausky said people should get their assessment notices during the third week of February. People then have through March to appeal.
The board will set a tax rate in April, tax bills are mailed in May and all are due back by June 5.