REASSESSMENT

WHY BOTHER SINCE IT COSTS SO MUCH TO DO THE

REASSESSMENTS?

REASSESSMENT

58.1-3252 IN THE CODE OF VIRGINIAREQUIRES COUNTIES WITH LESS

THAN 50,000 POPULATIONTO CONDUCT A REASSESSMENT ON A CYCLE OF NO LESS THAN

SIX YEARS.

BOARD OF SUPERVISORS

THE BOARD OF SUPERVISORSHIRE AN OUTSIDE CONTRACTOR

USING THE BID PROCESS

BLUE RIDGE APPRAISAL CO., LLCWAS SELECTED

BLUE RIDGE APPRAISALS

THE INITIAL PROCESS INCLUDED:

A COMPREHENSIVE SALES STUDYINTERVIEWS WITH BUILDERSVISITS TO SUPPLIERSINTERVIEWS WITH REALTORSCREATING VALUE MODELS

BLUE RIDGE APPRAISALS

SYSTEMATIC FIELD WORK HAS BEEN ONGOING FOR SEVEN TO EIGHT MONTHS

CONDUCT SITE VISITS TO ALL PARCELS:

CONFIRM MEASUREMENTSOBSERVE PROPERTY FEATURESADD NEW CONSTRUCTION

BLUE RIDGE APPRAISALS

THE PROPERTY INFORMATION GATHEREDIS THEN APPLIED TO THE MODELS.

OPINION OF VALUE IS APPLIED ANDCOMPARED TO SALES

FINAL ADJUSTMENTS TO THE ASSESSMENTS ARE MADE.

BLUE RIDGE APPRAISALS

NOTICES OF THE APPRAISERS PROPOSED VALUES ARE EXPECTED TO GO TO LAND

OWNERS EARLY IN FEBRUARY

EQUALIZATION

THE MOST IMPORTANT ELEMENTOF ANY ASSESSMENT IS:

EQUALIZATION OF VALUESFOR LIKE PROPERTIES.

BLUE RIDGE APPRAISALS

NOTICES WILL INCLUDE INFORMATIONFOR TAXPAYERS SO THAT THEY

CAN MAKE APPOINTMENTSTO APPEAL ASSESSMENTS THAT THEY

CONSIDER INCORRECT.

SUFFICENT TIME WILL BE GIVEN FOR ALL.

COMMISSIONER OF THE REVENUE

CUSTODIAN OF RECORDSMAKE RECORDS AVAILABLE TO BLUE

RIDGE APPRAISALSTO LAND OWNERS & PUBLICALL LAND RECORDS ARE PUBLIC MAKE THE APPOINTMENTS FOR APPEALASSISST LANDOWNERS PREPARE THEIR

APPEAL

REASSESSMENT RESULTS

THE FOLLOWING IS MY OPINION AND IS BASED ON INFORMATION FROM SALES RECORDED IN THE CLERK'S OFFICE. MY STUDY IS LIMITED AND NOT INTENDED TO BE AS COMPREHENSIVE AS THE STUDY DONE BY BLUE RIDGE.

REASSESSMENT RESULTS

MY PURPOSE IN THIS PRESENTATION IS TO INFORM THE SUPERVISORS

I WANT YOU TO KNOW WHAT TO EXPECT

THE ASSESSMENTS WILL SURELY INCREASE

REASSESSMENT RESULTS

I BELIEVE THAT THE INCREASE WILL BE AT LEAST 50% OF THE CURRENT VALUE. THE REAL ESTATE AND IMPROVEMENTS ARE CURRENTLY ASSESSED AT TWO BILLION DOLLARS AND I THINK IT WILL GO TO NEAR THREE BILLION DOLLARS.

TAXPAYER RESPONSE

MANY OF OUR TAXPAYERS DO NOT FOLLOW THE MARKET CLOSELY.

EXPECT THEM TO BE CONCERNED

SOME WILL BE UPSET

THEY WILL NEED TO BE REASSURED THAT TAXES WILL NOT GO UP ACCORDING TO

THE ASSESSMENT INCREASE.

BLUE RIDGE APPRAISAL

THE BLUE RIDGE APPRAISERS ARE PREPARED TO STAY HERE AS LONG AS

NEEDED TO HEAR FROM CITIZENS.

BOARD OF EQUALIZATION

YOU HAVE APPOINTED A GOOD BOARD OF EQUALIZATION AND THEY WILL BE PREPARED TO HOLD HEARINGS AFTER THE APPRAISERS HAVE COMPLETED THEIR WORK.

THEY WILL SET THEIR OWN SCHEDULE ALLOWING SUFFICIENT TIME FOR LAND OWNERS TO MAKE THEIR APPEALS

LANCASTER COUNTY CIRCUIT COURT APPEALS

THE CODE OF VIRGINIA PROVIDES FOR AN APPEAL TO THE COURT AND HAS NO TIME LIMITS DURING A REASSESSMENT CYCLE. THIS LAST RESORT AVENUE IS ALWAYS OPEN TO OUR TAXPAYERS.

SALES STUDY CHARTS

I HAVE PREPARED A FEW COMPARISON CHARTS. THIS IS LIMITED BUT CAN BE INFORMATIVE

THE SALES WERE RECORDED IN JULY TO NOVEMBER 2007

STATE DEPARTMENT OF TAXATION RATIO

THE RATIO STUDY DONE BY THE STATE SHOWS AN ASSESSMENT TO SALES RATIO

OF LESS THAN 60%.

AS YOU ARE PAINFULLY AWARE THIS REFLECTS POORLY IN THE COMPOSITE

INDEX.

ASSESSMENT/SALES RATIOIMPROVED WATERFRONT

JULY TO NOV

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

16000000

Assessments

Sales

26 SALES

65%

ASSESSMENT/SALES RATIOIMPROVED INLAND PROPERTY

JULY TO NOV

0

2000000

4000000

6000000

8000000

10000000

12000000

Assessments

Sales

52 SALES

60%

ASSESSMENT/SALES RATIOUNIMPROVED WATERFRONT

JULLY TO NOV

0

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000

Assessments

Sales

6 SALES

50%

ASSESSMENT/SALES RATIOUNIMPROVED INLAND

JULY TO NOV

0

200000

400000

600000

800000

1000000

1200000

1400000

1600000

Assessments

Sales

26 SALES

42%

COMMERCIAL

JULY TO NOV

0

500000

1000000

1500000

2000000

2500000

Assessments

Sales

8 SALES

40%

CONCLUSION

THE SALES INCREASES ARE AFFECTING ALL TYPES OF PROPERTIES SHOWING A SIGNIFICANT SELLING PRICE INCREASE OVER THE ASSESSED PRICE .