Reassessment notices have been mailed
Prince William County Government has completed its annual reassessment for 2010 and has begun mailing approximately 132,800 assessment notices to property owners. The reassessment notice includes an estimate of the fair market value of a property as of Jan. 1, 2010.
Prince William County’s real estate tax base decreased 2.5 percent between Jan. 1, 2009 and Jan. 1, 2010. The county’s total assessed value now stands at $38.8 billion, down $0.98 billion from 2009.
Changes in assessed value between January 2009 and January 2010 varied among property types in Prince William County:
Residential Property: The average assessed value of existing improved single family, townhouse and condominium homes increased from $248,943 to $250,010, or 0.43 percent, between 2009 and 2010. The average change is not necessarily indicative of the change to a particular property.
Individual assessment changes vary considerably. Some neighborhoods and properties experienced increasing market values resulting in an assessment increase larger than the average. Others experienced decreases much larger than the average.
Approximately 1,950 new homes were built during calendar year 2009 with an average 2010 assessment of $323,949.
Apartments: The assessed value of apartment properties decreased 19.7 percent for 2010. Existing apartments depreciated 20.8 percent for 2010. Growth added 1 percent to the apartment tax base.
Commercial and Industrial Property: Locally-assessed commercial and industrial property values decreased 14.5 percent for 2010. Existing commercial and industrial properties depreciated 17.4 percent between 2009 and 2010. Approximately 926,000 square feet of commercial space was completed during calendar year 2009. Growth added 2.9 percent to the commercial and industrial tax base.
Assessment information is available on the county’s website at www.pwcgov.org/realestate. Property owners are encouraged to call the Real Estate Assessments Office at 703-792-6780 to discuss their assessment questions with appraisal staff.
Residents may file an appeal with the Real Estate Assessments Office if they believe their assessment is not equitable in comparison with similar properties or if their assessment exceeds the fair market value of the property. To appeal an assessment with the Real Estate Assessments Office, call 703-792-6780 no later than July 1, 2010.
Real estate appeals can also be filed with the Board of Equalization. The board conducts formal hearings as necessary to resolve assessment disputes. By law, all appeals to the Board of Equalization must be filed and postmarked by Aug. 2, 2010. Appeal forms are available by calling 703-792-6777.
Real estate and personal property tax relief is available to eligible elderly and disabled persons in Prince William County. Call the Real Estate Assessments Office at 703-792-6780 for more information.