KING WILLIAM — King William County plans to conduct another real estate reassessment next year as home prices continue to rise.
Interim County Administrator Clarence Monday announced the next reassessment during the Nov. 17 Board of Supervisors meeting.
“Usually folks don’t like that, but it’s a part of the government process to make sure there’s a fair valuation of the real estate property in the county,” Monday said.
The county attorney and commissioner of revenue have been working to negotiate a contract with Vision Government Solutions, an appraisal services provider, Monday said.
“That work will be starting soon. They will be coming in to analyze the market conditions and start their fieldwork,” he said. A timeline will be announced soon. Monday said the provider will have all of next year to complete the reassessment.
King William last reassessed its properties in 2022 after failing to conduct a reappraisal since 2015. According to state codes, localities with a population of 50,000 or less must conduct a general reassessment in either five or six-year intervals.
Fred Pearson, the owner of Pearson’s Appraisal Service Inc., was retained by the Board of Supervisors in October 2021 to conduct a reassessment of real property after the board rejected an earlier assessment by Roanoke-based Bright Minds, citing numerous errors.
A study using preliminary 2021 sales data found the average home in the county increased in value by more than 60% over the previous five years.
The average home in King William County is selling for just over $338,000, an increase of 1.2% over the last year, according to the real estate website Zilllow. The Board of Supervisors equalized the real estate tax rate to ameliorate the impact of soaring property values in 2023.
David Macaulay, Davidmacaulayva@gmail.com