Home Values Take a Dive in Fluvanna County

September 21, 2012

The last time home values were assessed in Fluvanna County was in 2007. The latest figures show a lot has changed since then. Reassessment figures presented to the Board of Supervisors earlier this week, show real estate values are down between 25 and 35 percent.

It's going to come as a big shock," said Adele Schaefer, owner of First Virginia Homes Realty. "We realtors have known for a long time the reassessment done by Fluvanna County back in 2007 was way off track."

Shaefer says the 2012 assessment numbers are now much closer to reflecting the actual market value of homes in Fluvanna County. In 2007 the median sales price of a home was $243,000. In 2011, that number dropped to $197,000. In 2012, the median sales price dropped even lower, to $189,000. The problems in Fluvanna County mirror the housing crisis being felt nationwide.

"The foreclosures and short sales are really driving the market down," Shaefer said.

Per state law, the tax rate will automatically readjust to reflect the reassessment figures. As it stands, the tax rate in Fluvanna County is .586 per $100 assessment. The new adjusted rate will be closer to 80 cents per $100 assessment.

"When the tax assessment drops, that affects the amount of taxes that come in," said Shaefer. "I would hazard to guess once that takes place, we will see an increase in property tax."

None of the Fluvanna County Board of Supervisors were available for an interview, but Donald Weaver said, "I suspect there will be some slight increase," when it comes to taxes.

The assessment figures are preliminary but final numbers will be presented to the Board of Supervisors next Friday. Residents should expect reassessment notices in the mail within two weeks.

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