The Franklin County Reassessment Office sent notices to property owners last month informing them of the county’s most recent reassessments.
Reassessments are done every four years in Franklin County as required by Virginia law. The last reassessment was in 2015 with the new values becoming effective in early 2016.
Wampler-Eanes Appraisal Group of Daleville conducted last year’s reassessment fieldwork determining a fair market value for property in the county. The new value will determine a basis used for taxing the property.
Mike Colavecchio, project manager for the Wampler-Eanes Appraisal Group, said residential property increased an average of 6% countywide. Commercial and apartment properties increased an average of 3.6% and agricultural properties an average of 2.3%.
Colavecchio said properties saw an overall increase in value compared to the previous reassessment in 2015 where most values around the county remained flat. He said county property values dropped overall in the 2011 reassessment.
Around Smith Mountain Lake, Colavecchio said property values have increased about 3% on average in the latest reassessment. Those values do not reflect new construction in 2019, he said.
Residents who feel the reassessment does not reflect what they believe their property’s fair market value is can contact the Franklin County Reassessment Office by Jan. 17 at 489-0700, between 9 a.m. and 4 p.m., in person at the Franklin County Government Building at 1255 Franklin St., Rocky Mount or by email at firstname.lastname@example.org.
Hearings for residents interested in appealing their reassessments will be held until Jan. 24.
Franklin County Circuit Court will establish a board of equalization to review appeals that are not resolved through the reassessment office.
The Franklin County Board of Supervisors will set the real estate tax rate for the county this spring.