Hanover County Press Releases

Posted on: December 21, 2017

Board Receives Real Estate Assessment Update

Chief Assessor Richard W. Paul told the Board of Supervisors on December 13 that the interim (not final) assessed values of land and buildings in the County has increased about 4.4% this year.

 

This year’s assessment proposes to change the value on nearly 45% of the County’s parcels.  The increase in the tax base due to reassessment amounts to about 2.7%.

 

New construction increased values by about 1.5%.

 

Home sales prices have increased slightly.  The median new home sales price in 2017 is about $335,000.  The median existing home sales price is about $268,000.  The median overall sales price is about $280,000.

 

The average sales price for a new home is about $336,000.

 

All figures are interim and subject to change after the review process.

 

Assessment notices will go out later this month.  The Assessor’s Office review period will be from January 2 through January 19, 2018.

 

Formal applications to the Board of Equalization will be available starting January 22, 2018 and the deadline to apply to the Board of Equalization is March 15, 2018.

 

Mr. Paul’s presentation to the Board and the remainder of the Board’s meeting from Wednesday can be viewed here.

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