City completes 2015 real estate assessments

Wed, 12/31/2014 - 08:12

The City of Winchester, in accordance with the Code of Virginia, Section 58.1-3252, has completed the 2015 general reassessment of all real estate.  The fair market value assessments, which do not reflect any credits due to tax relief, exemption or land use programs, are effective January 1, 2015. 
The City performs biennial reassessments and equalization of all real property located within the City to determine the full and fair market value as of January 1 of each odd numbered year. This is done to distribute taxes equitably among all taxpayers at a real estate tax rate set by City Council. Notices of reassessment are mailed to all property owners and are not a tax bill.
Property owners can further discuss the reassessment value with the City’s Real Estate Administrator by calling 540-667-2048, Monday through Friday between 9:00 am and 4:00 pm.  The deadline to schedule an informal hearing with the City Assessor is January 16, 2015 and the deadline to appeal to the Board of Equalization is February 15, 2015. 
Taxpayers have the right to appeal their property tax assessment. For more information, please visit www.winchesterva.gov/finance.
Tax Rates:  City Council will officially set the 2015 real estate tax rate in the spring as part of the Fiscal Year 2016 budget process.  A public hearing will be held prior to Council’s final vote. Check the City’s website (www.winchesterva.gov) or look for the ad in The Winchester Star for the notice.
Tax Relief Programs: The City of Winchester has several programs for real estate tax relief and exemption.  Please contact the office of the Commissioner of the Revenue (540-667-1815) for more information or the determine eligibility and filing requirements for each program.  Some of these forms are also available on the City’s website at www.winchesterva.gov/crev:
Local real estate tax exemption or deferral for the elderly and disabled
Local real estate tax exemption for qualifying disabled veterans
Exemptions for substantially rehabilitated residential, commercial and industrial property
Exemptions for abated derelict property conditions
Property exempt from taxation by designation and classification
Exemptions for Enterprise Zone property
Accessing Property Information Online: You can access information and assessed values via the City’s website at www.winchesterva.gov/citizen.