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Pearsons Reassessment UpdatePittsylvania County VA Update on the Reassessment Effective for 2024 Pittsylvania Completion Schedule Task Commencement Set Up Office June 2022 Personnel and ID’s June 2022 Insurance and Bond June 2022 Set up Field Tablets June 2022 New Construction Permit On Going Meet Monthly with County On Going Property Visits July 2022 – Production Goal 3,700 Parcels Per Month Begin Data Entry from August 2022 Field Visits Mail Income and Expense Letters May 2023 (To Commercial Properties with a building value over $400,000) Request Site Visit Letters May 2023 (For Larger Industrial Properties) Review All Properties Sales May 2023 Update Tables May 2023 Review Sales Analysis July 2023 With County Review Sale Analysis with August 2023 the Public Field Inspection Complete September 2023 Data Entry September 4, 2023 Final Sale Analysis Complete September 7, 2023 Recalculate all Properties in Vision September 12, 2023 Run Edit Report September 15, 2023 Prepare Reassessment Notice October 2023 Mail Reassessment Notices October 16, 2023 Hearings October - November 2023 Sign Reassessment Book December 28, 2023 Send Change, No-Change Letters January 2024 New Construction Complete January 2024 Board of Equalization Begin February - March 2024 Task Commencement Completion Schedule Update Current Completed Tasks •Field visit 53,000 parcels and obtained pictures of dwellings/improvements. •Updated rates in Keystone system. •Completed data entry on 36,000 parcels and expect to have all data entry completed by August. •Sales analysis using sales from 2022 through February 2023. Upcoming Tasks •Sales analysis using only 2023 sales. •Edit reports. •Prepare reassessment notices. •Mail reassessment notices. •Hearings. County/City 2018 - Jan 2023- May % Change Accomack County $162,500 $370,000 127.69% Albemarle County $355,530 $535,904 50.73% Alexandria City $512,000 $742,400 45.00% Alleghany County $44,001 $75,000 70.45% Amelia County $275,000 $295,000 7.27% Amherst County $133,000 $222,500 67.29% Appomattox County $149,000 $315,000 111.41% Arlington County $534,000 $675,000 26.40% Augusta County $228,000 $321,100 40.83% Bath County $730,000 $250,000 -65.75% Bedford County $249,000 $369,900 48.55% Bland County $98,950 $130,500 31.88% Botetourt County $186,000 $334,000 79.57% Bristol City $133,250 $215,000 61.35% Brunswick County $132,000 $169,000 28.03% Buchanan County $10,000 $90,000 800.00% Buckingham County $451,500 $222,500 -50.72% Buena Vista City $90,000 $216,250 140.28% Campbell County $150,400 $294,400 95.74% Caroline County $179,900 $310,000 72.32% Carroll County $95,250 $197,000 106.82% Charles City County $376,725 $190,000 -49.57% Charlotte County $96,000 $137,450 43.18% Charlottesville City $306,500 $442,343 44.32% Chesapeake City $284,900 $382,500 34.26% Chesterfield County $244,950 $397,000 62.07% Clarke County $356,400 $475,000 33.28% Colonial Heights City $152,500 $251,500 64.92% Covington City $37,750 $192,500 409.93% Craig County $178,350 $166,250 -6.78% Culpeper County $280,000 $486,500 73.75% Cumberland County $152,000 $216,250 42.27% Danville City $64,500 $136,000 110.85% Dickenson County N/A N/A #VALUE! Dinwiddie County $139,750 $267,000 91.06% Emporia City N/A $30,000 #VALUE! Essex County $121,475 $315,000 159.31% Fairfax City $500,000 $720,150 44.03% Fairfax County $470,000 $710,000 51.06% Falls Church City $639,000 $1,064,000 66.51% Fauquier County $330,000 $568,250 72.20% Floyd County $271,000 $257,500 -4.98% Fluvanna County $221,000 $355,450 60.84% Franklin City $179,900 $275,000 52.86% Franklin County $287,000 $383,253 33.54% Frederick County $250,000 $412,445 64.98% Fredericksburg City $286,100 $415,000 45.05% Galax City $167,450 $204,000 21.83% Giles County $155,000 $194,250 25.32% Gloucester County $248,398 $365,000 46.94% Goochland County $475,597 $572,000 20.27% Grayson County $124,500 $256,900 106.35% Greene County $263,000 $422,500 60.65% Greensville County $271,900 $211,000 -22.40% Halifax County $116,674 $135,000 15.71% Hampton City $170,500 $255,000 49.56% Hanover County $280,000 $449,999 60.71% Harrisonburg City $165,500 $277,000 67.37% Henrico County $219,000 $375,000 71.23% Henry County $76,950 $154,000 100.13% Highland County $304,631 $720,000 136.35% Hopewell City $84,000 $225,000 167.86% Isle of Wight County $235,000 $383,500 63.19% James City County $267,450 $484,830 81.28% King and Queen County $115,000 $260,250 126.30% King George County $269,950 $456,000 68.92% King William County $229,947 $335,000 45.69% Lancaster County $178,250 $555,000 211.36% Lee County N/A N/A #VALUE! Lexington City $198,500 $375,500 89.17% Loudoun County $450,000 $710,000 57.78% Louisa County $212,500 $389,990 83.52% Lunenburg County $86,000 $137,000 59.30% Lynchburg City $130,000 $264,000 103.08% Madison County $199,000 $408,750 105.40% Manassas City $280,000 $450,500 60.89% Manassas Park City $265,000 $435,750 64.43% Martinsville City $24,600 $120,000 387.80% Mathews County $138,400 $475,000 243.21% Mecklenburg County $159,900 $295,500 84.80% Middlesex County $225,000 $360,450 60.20% Montgomery County $178,500 $355,000 98.88% Nelson County $259,000 $325,500 25.68% New Kent County $278,295 $390,450 40.30% Newport News City $160,000 $273,238 70.77% Norfolk City $181,000 $303,000 67.40% Northampton County $294,000 $462,000 57.14% Northumberland County $252,500 $325,000 28.71% Norton City N/A N/A #VALUE! Nottoway County $204,800 $220,000 7.42% Orange County $199,900 $385,000 92.60% Page County $107,000 $277,500 159.35% Patrick County $82,750 $249,900 201.99% Petersburg City $56,500 $190,000 236.28% Pittsylvania County $116,750 $184,251 57.82% Poquoson City $322,450 $425,000 31.80% Portsmouth City $146,550 $244,300 66.70% Powhatan County $285,000 $428,250 50.26% Prince Edward County $170,500 $262,500 53.96% Prince George County $194,900 $338,950 73.91% Prince William County $344,950 $560,000 62.34% Pulaski County $117,500 $219,500 86.81% Radford City $160,650 $260,000 61.84% Rappahannock County $462,000 $500,000 8.23% Richmond City $224,900 $361,692 60.82% Richmond County $148,750 $260,000 74.79% Roanoke City $114,950 $224,000 94.87% Roanoke County $179,750 $315,000 75.24% Rockbridge County $269,000 $440,000 63.57% Rockingham County $225,000 $342,900 52.40% Russell County $118,000 $154,500 30.93% Salem City $203,000 $285,500 40.64% Scott County $143,000 N/A #VALUE! Shenandoah County $194,000 $310,000 59.79% Smyth County $83,200 $140,500 68.87% Southampton County $167,000 $255,000 52.69% Spotsylvania County $275,000 $429,950 56.35% Stafford County $320,000 $505,000 57.81% Staunton City $172,900 $255,750 47.92% Suffolk City $259,000 $363,000 40.15% Surry County $170,900 $323,500 89.29% Sussex County $69,975 $264,450 277.92% Tazewell County $67,250 $113,500 68.77% Virginia Beach City $250,000 $371,000 48.40% Warren County $215,000 $349,000 62.33% Washington County $208,500 $289,950 39.06% Waynesboro City $137,500 $290,040 110.94% Westmoreland County $145,000 $289,900 99.93% Williamsburg City $327,500 $336,750 2.82% Winchester City $199,500 $338,000 69.42% Wise County $48,500 $41,450 -14.54% Wythe County $120,000 $189,389 57.82% York County $283,000 $410,000 44.88% Pittsylvania County Average Price Home Sales 2017 Virginia Realtors Association Month Price January $79,000 February $85,000 March $108,450 April $79,900 May $82,500 June $64,000 Month Price July $70,000 August $111,000 September $131,000 October $96,000 November $78,000 December $108,450 Average Sale Price 2017 $91,125 NOTE: Pittsylvania County used 2017 sales for Reassessment effective for 1/1/2018 Pittsylvania County Average Price Home Sales 2022 Virginia Relators Association Month Price January $152,900 February $158,650 March $179,000 April $150,000 May $171,000 June $179,000 Month Price July $182,500 August $163,000 September $194,500 October $165,000 November $192,000 December $178,000 Average Sale Price 2022 $172,129 Pittsylvania County Average Home Sales 2023 Virginia Realtors Association Month Price January $181,000 February $212,650 March $180,000 April $184,500 May $184,250 Average Sale Price 2023 $188,480 Sales Analysis Using 2022 Through February 2023 Non-Waterfront Home Sales Quality of Construction Percent of Increase New Percent of Market Number of Sales Custom (A Grade)24%100%2 Good Quality (B Grade) 40%101%13 Average Quality (C Grade) 51%96%119 Economy Home (D Grade) 69%97%25 Doublewide Manufactured Home (D-10 Grade) 50%99%22 Totals:50%99% Sales Analysis Using 2022 Through February 2023 Vacant Land Sales Sale Type Percent of Increase New Percent of Market Number of Sales <50 Acres 0%99%53 >50 Acres 0%97%7 Sales Analysis Using 2022 Through February 2023 Smith Mountain Lake Sales Type Percent of Increase New Percent of Market Number of Sales Waterfront Home Sales 58%98%10 > 1 Million 74%94%3 Condos 64%95%6 Leesville Lake 36%95%6 Vacant Waterfront Lots 96%99%5 Sales Analysis Using 2022 Through February 2023 Commercial Sales Sale Type Percent of Increase New Percent of Market Number of Sales Apartment & Duplexes 50%63%5 Mobile Home Park 48%64%6 Mini Storage 86%51%2 Restaurant Sales 18%81%2 Auto Garages 19%80%4 Chain Retail Sales 72%55%6 Chain Convenience Stores 50%63%2 Non-Chain Convenience Stores 0%99%2 Office Sales 14%83%6 Industrial Sales 44%66%11 Objective of Hearings 1.Listen to the property owner and make notes. 2.Explain the appraisal. 3.Make adjustments if needed on information supplied by the property owner. Hearing Expectations •The county will receive more appeals than normal due to a large increase in value. •Pearson’s will supply ample time for hearings to ensure all property owners have a chance to schedule an appeal. We want to make sure all property owners have a fair and equitable assessment on their property. •Pittsylvania County will have a Board of Equalization which normally consists of about five property owners. •Pearson’s will assist the BOE as needed during BOE appeals.