Assessed property values up in Franklin, Isle of Wight

Published 12:00 am Wednesday, May 14, 2008

Property owners in the City of Franklin and Isle of Wight County will likely see the assessed value of their property increase when reassessment notices are received in the mail early next week.

Notices are to be mailed by Monday, according to officials with both governments.

In Franklin, the increase for residential property owners is expected to be an average of 18 percent above the last assessment conducted two years ago, according to according to Steve Wampler, project manager for Wampler-Eanes Apprasial Group of Daleville, which was contracted to conduct the reassessments.

Commercial property assessments in the city are expected to rise an average of 23 percent, according to Wampler.

The city has a public hearing scheduled to discuss its proposed fiscal 2009 budget – which was drafted based on an estimated 10 percent increase in real property taxes – shortly after 7 p.m. At City Hall.

In Isle of Wight County, residential property owners can expecte an increase in assessed value of about 5 percent. Overall, an 11 percent increase is expected for all taxable properties.

The county's Board of Supervisors, which previously voted to maintain the real estate tax rate at 52 cents per $100 assessed value, has a public hearing scheduled for Thursday to discuss the rate in light of the new assessments.