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Culpeper property values drop about 11 percent

Culpeper County to mail out reassessment notices this week that will show real estate values dropping by 11 percent

BY DONNIE JOHNSTON

Date published: 2/15/2009

BY DONNIE JOHNSTON

Culpeper County property owners will likely discover next week that their net worth has dropped again.

According to Commissioner of Revenue Terry Yowell, 2009 reassessment notices will be mailed out Tuesday and they are expected to show an average value drop of about 11 percent.

The total value of Culpeper County's taxable real estate under the new assessment is $5,468,654,000.

That amount, however, will need to be further adjusted because of land-use tax breaks, and will likely drop even further after property-owner appeals are heard in March.

Reassessment information will go online early next week on the "e-commissioner" link on the Commissioner of Revenue's Web page at culpepercounty.gov.

Printouts will be available at the commissioner's office at 118 West Davis St., on the ground floor of the old town Municipal Building.

Those who desire to challenge their new assessments should call the commissioner's office at 540/727-3411 between 8:30 a.m. and 4:30 p.m. on weekdays to set up an appointment with the assessor's review board.

The new assessments became effective Jan. 1 of this year.

Culpeper County reassesses real estate every two years.

Lower property values, however, are not expected to translate into lower taxes. In April, the Board of Supervisors will adjust the tax rate to compensate for the loss in property value. After such equalizations, taxes almost always remain the same as the previous year.

Culpeper's personal-property tax revenues are expected to drop by as much as 15 percent next year, in part because fewer people are buying new cars.

Donnie Johnston:
Email: djohnston@freelancestar.com

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Date published: 2/15/2009

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