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Looking Back at Fluvanna County Tax Assessments

While looking at property values for clients in Fluvanna County, Virginia this week, I found many of the tax assessments posted in VAMANet were down 25 to 50%.  According to the Fluvanna County web site, the field work for the reassessment  (check out the link to 2013 Reassessment Informaiton) was started December 5, 2011 by Blue Ridge Mass Appraisal.  In Virginia localities are required to reassess at least once every six years.  Since it’s been a few years since Fluvanna County conducted a reassessment, the new 2013 Assessment values take into account the recent real estate market correction and associated declining property values.  Many of my clients were shocked with the decline in their property values from the old assessment to the new while others who’d had recent appriasals found the new assessment to be pretty close to what they expected.