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We are required by Virginia State Law to assess property at 100% of fair market value. (Code of Virginia: § 58.1-3201) Fair market value is considered to be the most likely price that someone would pay for a given piece of property on the open market, when there are no special circumstances to be considered.
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A general reassessment is mandated by state law every four years in counties (Code of Virginia § 58.1-3252). The last reassessment went into effect on January 1, 2018. Values for this reassessment will be effective January 1, 2022.
The cost of building a home and the prices citizens are paying to buy property in Wise County will impact the value of all local real estate. Our office has no control over whether values go up or down, but we are required by State Law to reflect all market fluctuations in our assessed values. This can happen even when there has been no change to a subject property.
Our staff is made up of local assessors who have almost 50 years of combined experience assessing property in Wise County. Our chief property assessor is certified by the Virginia Department of Taxation to oversee and complete this general reassessment. All three of our assessors are certified with Master designations through the Weldon Cooper Center of the University of Virginia. Our assessors have completed training courses in all accepted methods of appraisal and ethical practices.
The purpose of a general reassessment is not to raise taxes. The fundamental purpose of a reassessment is to make sure values are accurate and that they have been assessed uniformly and equitably. The Wise County Assessment Office never takes any deficit or surplus in the county's finances into consideration when determining fair market value. Our office has no control over the county tax rate, collection policies, or the local sales ratio. All questions or concerns about the tax rate should be addressed to your representative on the Board of Supervisors
If you are permanently & totally disabled or if you are over the age of 65, you may qualify to have a portion of your tax bill reduced. In order to receive an exemption, you must own the home as of January 1st of the calendar year and it must be your primary residence. In addition, your total household income cannot exceed $42,000 and your assets cannot exceed $85,000 (the value of your home is not included in this total).
If you are a veteran (or surviving spouse of a veteran) who has a 100% service-connected disability through the Veterans Administration, you may also qualify for an exemption. Applications can be found on our webpage: www.wisecounty.org/227/Forms-Applications
Market trends dictate that properties in a certain section of Wise County may increase at a different rate than properties in another area of the county. The county increase or decrease is an average that reflects the difference in total value over the last reassessment cycle, but does not necessarily reflect each individual and unique property. One property value changing at a different rate than the county-wide average is not unusual, nor is it grounds for an appeal by itself.
No response is necessary if you do not appeal the value.
An appeal process is in place to guarantee that your assessment is accurate. We recommend the following steps:
If you disagree with the assessment, you may contact the Assessment Office to schedule an appeal. You will need to be prepared to provide substantial proof of an error to proceed with your appeal.