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Campbell County News

Posted on: October 18, 2022

In the Know: Information on Campbell County's Reassessment Process

Reassessment

Property reassessments are conducted every four (4) years, as required by state law, to determine fair market value of land and properties for equitable taxing purposes.

Campbell County has contracted with Wampler-Eanes Appraisal Group, LTD to conduct on-site visits of each property in the locality.  Field work continues through 2022, with any assessment adjustments effective January 1, 2023.

In the meantime, we invite you to watch our video and learn more about your property value and what types of things could affect its assessment .  For more information, visit our Real Estate Office's webpage

Reassessment FAQ's 

  
 What is the purpose of the County's Reassessment Office?
 This office is responsible for assessing the market value of all properties within Campbell County, except for properties owned by public service corporations, such as utility companies, rail companies, etc.
What is Market Value? The most probable price that a willing and knowledgeable buyer and seller will agree upon, assuming  a fair and normal sale with no undue pressure upon either party.
 How are real estate taxes calculated?  The real estate tax rate is set by Board of Supervisors annually.  The tax rate is applied to the assessed value, per $100.
What does equalization mean? State law requires that “uniformity” or “equality” of assessments be attained to ensure that the tax burden be distributed fairly.
What is the cost approach method to arriving at market value?  Involves estimating the cost of improvements and deducting any accrued depreciation and adding the land value.
 Why don’t all property values rise at the same rate every year?No two properties or neighborhoods are exactly alike. Factors such  as location, house type, age, condition, size, terrain, heating type, number of baths, basement finish, fireplaces, porches, garages, decks and many others must be considered. For a true comparison, Campbell County strategically places properties/parcels into specific neighborhoods. This ensures they are valued with similar properties within that respective neighborhood/region of the locality.    
 How can my value increase when I haven’t added on or renovated the building? Though not always the case, general economic conditions will influence the value of real estate.
How often are properties appraised?  Every Four Years 
 What happens if I add or remove an outbuilding?  Appraisers will note and correct any additions or removals of outbuildings during the reassessment process. 
 When are reassessment notices mailed? Will I have a chance to ask questions or appeal?  You will receive your reassessment notice in November  2022.  If you have questions regarding your reassessment value, you may attend an informal office hearing to share your concerns. Any formal appeals are heard by the Board of Equalization and the Campbell County Circuit, per the Code of VA. 


Those with questions may contact the Campbell County Real Estate Office at 434-592-9510.