Reassessment is the process by which the assessed value of each property is updated to keep that value consistent with what the property is worth on the open market. State law requires that all real estate be assessed at 100% of fair market value and Hanover County assesses all property annually to comply with that requirement.
The Assessor’s Office uses a mass appraisal process to review all neighborhoods in Hanover County each year. In any given fiscal year, there will be assessments that rise, fall or stay the same based on internal and external values that influence property values. The housing market in Hanover County is very robust, with high sales prices of new and existing homes. The result this year is that nearly all property owners in the County have received a reassessment notice noting increases in their property’s value.
What property owners see on their reassessment notice is what assessors have determined their house would sell for on the current market in their area, based on recent sales prices of comparable homes. Sales information is gathered from recorded deeds, buyers, sellers and real estate professionals and the assessed values are compared to the sales prices to determine if the assessments comply with the state requirement of 100% market value.
Anyone who is concerned about their property’s reassessment is invited to call the Assessor’s Office at 804-365-6029. Staff will be glad to discuss any individual’s reassessment notice, explain how that value was reached and receive any clarifying or additional information that you have. This informal review period continues through January 20.
Property owners who are not satisfied with the result of this informal review with the Assessor’s Office will have the opportunity to appeal to the Board of Equalization. An application form will be available on the County’s website beginning January 23. Your application must be postmarked or delivered by March 15. The Board of Equalizations will begin in May.
What any property owner pays in taxes is dependent upon the real estate tax rate adopted by the Board of Supervisors. Hanover County has the lowest real estate rate among the four largest localities in the Richmond region – 81 cents per $100 valuation. The Board adopts the tax rate as part of the County’s annual Fiscal Year budget process, which begins in February and will conclude in April.