Wise County Commissioner of the Revenue
Wise County Courthouse 206 E. Main St. Rms. 224 & 226> PO Box 1278 Wise VA  24293	Email (276) 328-8228 Fax (276) 328-6937 Mon - Fri 8:30 AM - 5:00 PM

Reassessment – Frequently Asked Questions (FAQs)

1. Why do we have to have a General Reassessment?
   A general reassessment is required by state law (Code of Virginia § 58.1-3252), and is necessary to ensure that current property values reflect their actual worth, based on its fair market value.  In order to be sure that property in our county is valued fairly, equally, and honestly, periodic reassessments are necessary to provide our office with the records it needs to make sure that our county conforms to state law.



2. How does the Wise County Assessment Office value property?
   We are required by Virginia State Law to assess property at 100% of fair market value.  All factors at our disposal have been considered, including quality of construction, location, and the age & condition of any improvements.  Homes in each neighborhood or area are valued using the same methodology to ensure a fair and true representation of actual value.  This is accomplished by using a valid and reliable grading system, and a uniform method of depreciation.



3. What is “fair market value”?
   Fair market value is considered to be the most likely price that the average person would pay for a given piece of property on the open market, when there are no special circumstances to be considered.



4. Who visited my home?  How can I be sure they are familiar with property in my area?
   Our staff is made up of local assessors who have both appraisal training and many years of experience assessing property in our County.  Some benefits of using local assessors include better consistency and familiarity with neighborhoods in the county and broader flexibility to adjust properties.



5. Does an Assessor value each individual property in the County?
   An assessor from our staff visited your property to make a review of all the current features and attributes found there.  While on your property, the assessor may have measured your home or other buildings, and taken photos.  If he had any questions regarding the features of your property, including any potential problems, he may have left a note requesting further assistance from you.



6. How will my assessment change?
   The value of your property may increase or decrease, since the purpose of a countywide reassessment is to equalize values.  This happens when the sales market has changed.  We have no control over changes in the sales market, but we are required by State Law to respond to fluctuations in the market.  If the local market goes down, then so will the assessed values.  If the market remains constant, then only a minimal change will be reflected in the values.  If the market goes up, then the assessed values will change accordingly.



7. What does the term “equalization” mean?
   Equalization is the most important factor to be considered in ensuring that the tax burden is distributed fairly.  It is the process whereby we make sure that properties are valued consistently and fairly, using a uniform method of appraisal.



8. Why would my assessed value change, even though I haven’t made any changes to my house?
   The value of your property is based on what houses similar to yours are currently selling for in your area.  Houses that are very similar to yours may be selling for a different amount than they were at the time of the last assessment.  Assessments are based first and foremost on the sales in our area.



9. Does adding to my house or renovating it increase the value?
   In most cases when renovation takes place or additions are made, the value will increase. However, the cost in dollars may not equal the value that the renovation contributes to the total property value.  To assess property fairly, we must take into account the influences of the location, market demand, quality of construction, workmanship, and other factors.  Cost is not always the same as value.



10. How will a change in value affect my taxes?
    The purpose of a general reassessment is not to raise taxes, but to equalize property.  This is due to market trends, as evidenced by the sales study, which reflect the higher demand for particular types of properties, including those which are located in more desirable areas.  It is unrealistic to think that some values will not increase; however, it is possible to experience a higher value with lower taxes, if the Board of Supervisors decreases its tax rate.



11. Who determines the rate at which property taxes will be assessed?
    The Wise County Board of Supervisors is the governing body that will determine the rate at which taxes will be paid.  It is our intention to ensure that the citizens of Wise County pay only fair and equal amounts based on the value of their individual properties.



12. If I don’t agree with my assessment, is there an Appeal Process?
    An appeal process is in place to guarantee that your assessment is accurate.  We recommend the following steps:
    1. Appeal to the Assessment Office
    2. Appeal to the Board of Equalization
    3. Appeal to the Circuit Court



13. Why is the County’s Assessment Different than a private appraisal?
    To effectively value the number of parcels located in Wise County, it is necessary to employ a mass appraisal method of valuation.  Therefore, to ensure equalized (fair and balanced) values, a mass appraisal system values each home based upon the sales data from our county.  This results in an “average” value.  A private appraisal determines the value for a specific property on a certain date, and the value is typically derived using only three comparable properties (sales comparison approach), instead of equalizing every property in an entire county.



14. Why is the assessment different from the sale price recently paid?
    In mass appraisal, all values are representative of what is typical for a specific type of house in a given area based on its size, condition, and attributes.  Your sale price may have been influenced by factors that are outside the normal parameters of a fair market sale.



15. Why did my value change, when structures depreciate as they get older?
    Most structures typically do depreciate as they get older.  However, the actual replacement cost has increased over time.  We always take depreciation into account, and your final value should already reflect that.  Any increase you may see could result from any one of the following:
    • Additions or improvements to the structure
    • Good maintenance
    • An increase in materials, labor, and other cost factors
    • An increase in sales of that type of structure in your area

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