Property Values Down In Nelson County

Newly released reassessment numbers in Nelson County, show that property values have decreased between 17 and 18 percent since 2008. The purpose of the 2014 reassessment, according to officials, was to re-establish the current and fair market values of property owned in the county for accurate taxation. The board of Supervisors has been on a four-year cycle with its reassessments, but the Code of Virginia allows for a maximum of six years between reassessments. The News & Advance reports, the drop in property values could result in a decrease in property taxes paid; meaning a decrease in the county’s property tax revenues, unless the board votes to increase the tax rate. After the Nelson County Circuit Court appoints a Board of Equalization, those members will undergo training by the Virginia Department of Taxation and begin hearing complaints in January or February.

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