Goochland to assess real estate annually

Goochland County will begin assessing its real estate annually after this year's biennial results shocked many residents who saw an increase in their assessed values.

The Board of Supervisors on Tuesday night unanimously approved the change, which could mean a loss of $2.34 million in county revenue next year.

It also could mean higher real estate taxes in coming years.

Many residents and business owners saw substantial increases in their assessments this year amid a dramatic downturn in the real estate market. The reason, according to county assessor Glenn Branham, is that the new assessed values were based largely on 2007 data because assessments are conducted every two years.

Richmond and the counties of Chesterfield, Henrico and Hanover all assess annually, as do most other central Virginia localities. Residents of Dinwiddie County, however, this year saw a 19-cent real estate tax cut to help offset reassessments that went up almost 50 percent on average because the county assesses every four years.

Goochland's move to annual assessments will give a more accurate and timely representation of market changes, Branham said, noting that 2010 values will be set using sales from January to August of this year.

"I felt like it was the right timing because I don't want to see people paying on assessments that are excessive," he said.

This year, assessed property values in the county went up 3 percent. Of the county's 14,739 taxable properties, 59 percent saw an increase.

But projecting a decrease in real estate values of nearly 10 percent from 2009 to 2010, the county must now brace for a revenue loss of $2.3 million at the current tax rate of 53 cents per $100 of assessed value.

Because that would affect half of the current fiscal year, $1.17 million from the county's general fund balance is being set aside to balance the budget if necessary.

Goochland resident Pat Turner, a 37-year real estate appraiser, said he thought that estimate of the decrease in valuation was generous.

"I'm in total support of annual assessments because it will more accurately reflect what's going on in the marketplace," he said. But, he added, "I think we're looking at a 30 percent drop between 2007 and 2010. We've got a problem."

Either way, the decision will likely mean higher taxes.

"You've got to have income to run the county and with assessments down we'll probably have to raise taxes or make some cuts," Supervisor Malvern R. "Rudy" Butler said.

Contact Wesley P. Hester at (804) 649-6976 or .