• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

James City County real estate assessments show decline

imageJames City County’s biennial real estate tax assessments declined to $10.9 billion or approximately 3.67 percent lower than the 2010 assessments of $11.3 billion. On average, individual residential homes dropped by 5.64 percent. Houses valued at less than $200,000 and more than $700,000 saw the least reduction as a percentage. Houses valued between $300,000 and $500,000 saw higher than average reductions. No County properties saw an increase in value. Once new residential construction and new developments were included, the County’s residential property values overall were reduced by approximately 4.57 percent.

The Real Estate Assessment Division assessed all real property based on the fair market value as of Jan. 1, 2012. Approximately 31,000 properties were evaluated including 27,600 residential properties. About 22,000 of those residential properties will receive assessment reductions when change-in-assessment notices are mailed on Feb. 29. The new values will be effective for the next two fiscal tax years 2013 (July 1, 2012-June 30, 2013) and 2014 (July 1, 2013-June 30, 2014).

County appraisers, who are licensed by the Commonwealth of Virginia, analyze current real estate sale prices and the assessment-to-sales ratios to determine whether a property assessment should be increased, reduced or remain the same. Properties are analyzed by assessment areas, which are based on common land uses, types and ages of buildings, value range and other locational characteristics. A nationally recognized computer valuation system is used to appraise the properties.

Property owners may request a review of their assessment between Feb. 29-March 30 by calling 757-253-6650, 8 a.m.- 5 p.m. An appraiser will review the assessment to insure property information is correct, and confirm that it represents fair market value and is equitable with other similar properties. Most changes, including reductions, are made during this administrative review period. If the issue is not resolved by phone, the property owner may request an appraiser visit the property. Property owners will be notified by mail if the assessment is revised. Owners who are dissatisfied with the outcome of the review may file an appeal in writing with the Board of Equalization no later than April 30, 2012.  More information can be found online at jamescitycountyva.gov/assessments.

The Board of Supervisors adopts the tax rate when it approves the County’s annual budget which is expected to be May 8 for the FY 13/14 budget and fiscal tax year 2013. The County Administrator’s Proposed Budget will be released April 13 and a public hearing on both the budget and the proposed tax rate will be held during the April 24 Board of Supervisors regular meeting.

Continue reading