by Jackie Nunnery
HEATHSVILLE—At the December 11 meeting of the Northumberland board of supervisors, county administrator Luttrell Tadlock read a statement to clarify the purpose and results of the recent reassessment.
Tadlock said the county is “aware of recent rumors suggesting that the local school system’s financial needs are responsible for higher real estate assessment values” which is “incorrect.”
“Virginia law requires all localities to base real estate assessments on current fair market value. This means assessors must determine what properties would sell for in today’s real estate market. The recent increase in property assessments is the direct result of strong real estate market activity, including higher home sale prices across the region. The financial condition of the school system—or any county department—plays no role in determining assessed values,” he said.
Tadlock also explained that “Virginia law also requires the county to calculate an equalized tax rate,” which is the “rate that would generate the same amount of revenue as the previous year, before reassessments.” When supervisors review tax rates as part of the budget process in….
