The officials in this county proposed the new budget, that brings good news for homeowners, as the real estate property taxes are set to decrease. However, the decreased tax rate does not necessarily mean that residents will be paying less. The most recent property value assessment came back an average of 30 percent higher than four years ago, causing the Montgomery County Board of Supervisors to recommend a decrease in the tax rate to bring balance to the high reassessment values.
Montgomery County Board of Supervisors Chair, Sherri Blevins, stated that the board will use a neutral revenue tax rate of $.70 to align the high reassessment values with the balance needed. The current real estate property tax is $0.89 per $100 assessed value, and the proposed plan is to drop that to $0.70 and then add a $.03 increase, making the new rate $0.73. Blevins mentioned that if the board votes in favor of the proposed changes, it would need to be advertised as a tax increase. Sounds tricky, and it actually is for homeowners in this county of the state of Virginia.
It’s a Property Tax Reduction, but That Doesn’t Mean You’ll Pay Less
Jonathan Everett, a real estate professor at Virginia Tech, broke down the numbers to show that with no tax rate decrease and a 25% assessment increase, a homeowner’s bill would increase by $556 in real estate taxes this year. However, with the proposed changes and a 25% assessment increase, this year’s bill would only be $56 more compared to last year. This increase is expected to help pick up the tab for more public safety measures.
Overall, the FY24 budget sits around $240 million for this county. Although everyone is feeling the pinch with the rising inflation costs and supply chain demands, Blevins remains optimistic, stating that “all of those play a factor into it costs more to run the county, just like it costs more for you to buy things in the store.” The county is expected to finalize the budget in April.
How to Appeal Property Taxes Assessments in This County
The reassessment process is an essential part of ensuring that property values are aligned with other kinds of property that are assessed annually. The hard work of field inspectors and supervisors is done to verify data and collect additional data to ensure accuracy throughout the process. From January 1, the new values are being taken in account to collect the real estate property taxes from the Montgomery’s homeowners. These values will remain in effect for the next four years until the next reassessment in 2027. Please keep in mind that an increase or decrease in property value does not necessarily mean an increase or decrease in your property taxes.
You can view the reassessed values of your property and others in your area by visiting this official website. You can also find reassessment books available in various locations throughout the county such as the Commissioner of the Revenues office, Circuit Court Clerk’s office, Blacksburg library, Christiansburg library, and Meadowbrook library in Shawsville. Furthermore, you can appeal there as well.