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Franklin County residents will likely be getting a shock in their mailbox in the coming weeks. Reassessment letters will soon be making their way out with residential home values in the county expected to increase by 55% on average.
The assessed value of residential homes in Franklin County is expected to increase by 55% on average. County officials will either have to lower the real estate tax rate or advertise a massive effective tax rate increase. The county has one of the lowest real estate tax rates in the region.
Botetourt County hires an independent company for property reassessment.
The increase in property values is an even higher jump than the one seen between the reassessments of the mid-2010s and 2018.
An ongoing reassessment means most property owners can anticipate higher real estate tax bills due to the increases in values alone.