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 – Purpose, Process & Positives

1. PURPOSE OF GENERAL REASSESSMENT:
   
   A general reassessment is necessary to ensure that current property values reflect their actual worth, based on its fair market value.  We are required by state code to assess property at 100% of fair market value.  This is referred to as “ad valorem taxation.”  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.
   
   The value of your property may increase or decrease, even if you have made no changes to your home or property.  This happens frequently when the sales market has changed.  Houses that are very similar to your’s may be selling for a different amount than they were at the time of your last assessment.  Some homes will sell for more and others for less.  The reassessment process should ensure that all homes which have similar characteristics are valued consistently.
   
   The purpose of a general reassessment is not to raise taxes.  Although a change in value will affect your taxes, the most revenue increase that can be produced for the County as a whole is 1%.  Please note that the amount of change will vary from property to property, however.  The county Board of Supervisors is the governing body that will determine the rate at which taxes will applied.  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.



2. PROCESS OF GENERAL REASSESSMENT:
   
   Assessed values will be based on the activity of the sales market in our county.  Our staff will use qualified sales data from properties that have sold recently to establish a “fair market value.”  The state defines fair market value as “the price which property will bring when offered for sale by one who desires, but is under no duress or pressure to sell and it is purchased by one who is under no undue necessity of buying, with both buyer and seller being knowledgeable of the uses to which the property is adaptable.”  Basically, that means that fair market value is considered to be the most likely price that most people would pay for a given piece of property on the open market, when there are no special circumstances to be considered.  Properties owned by a public service corporation such as ODP or Verizon do not apply, as they are appraised by the State Corporation Commission.
   
   In order for us to determine fair market value, we must consider the price at which properties similar to your own have recently sold, which will allow us to establish a proven rate at which homes currently sale for in Wise County.  The results of the analysis will determine what property is actually worth.
   
   An assessor from our staff will visit your property to make a review of all the current features and attributes which we have listed concerning your property.  When one of our assessors arrives at a subject property, he will immediately try to make contact with the property owner.  While on your property, the assessor may measure your home or other buildings, and take photos.  He may also have questions regarding the features of your property.  Any information which you can provide to the assessor will be helpful in ensuring the most accurate assessment possible.  Any additions or new constructions will be recorded, and all factors will be considered, including size and location.  No values will be available until all reassessment field work is completed.  Only then can new values be established by analyzing the sales data from properties similar to your own.
   
   
3. POSITIVES OF GENERAL REASSESSMENT:
   
   Our staff is made up of local assessors who are very familiar with our county.  They may encounter some properties which are valued too highly, and will be authorized to make any necessary adjustments.  In some areas where similar properties are not in line, our assessors will be able to equalize these properties, so that they are of the same basic value, with regard to size and location.  It is unrealistic to think that some values will not go up, but an increased value is actually a good thing.  This will help our taxpayers to secure larger loans and have higher resale value on their property.

Back to Top