Virginia law requires localities to update (or reassess) real estate property values within their boundaries regularly. The purpose is to ensure real estate values used for tax purposes reflect market values as they change over time. Standard assessment cycles for a locality the size of Botetourt County is every four years unless the Board of Supervisors votes to change it. This is a statutory law. It is also law that the assessments reflect market value and that they are not just "made up" numbers.
The county's last assessment was in 2020. The county contracts Wampler-Eanes Appraisal Group to perform a reassessment of property in the county. Wampler-Eanes Appraisal Group is a Virginia-owned company that provides mass appraisal services to localities that do not have the staff or resources to conduct a general reassessment. By the end of 2023, Wampler-Eanes Appraisal Group will have completed 153 reassessments for 55 different localities across Virginia and North Carolina totaling 2,600,000+ properties.
It's important to note that assessed values are expected to rise significantly based on real estate price increases over the past four years. This does not mean that every land, house, and business owner will see a large increase, however, it is anticipated that, on average, county property owners will see increases in their properties' assessed values when they receive notices in the mail in early 2024.
The Botetourt County Board of Supervisors will be analyzing the data from Wampler Eanes to determine any potential relief that might be given.