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Assessment of property at 100 per cent fair market value is coming and when it does, the shock will be felt throughout Rappahannock County, according to Fred Forberg, representative from the property tax division of the State Department of Taxation.
"It’s going to rock the boat to a fare-thee-well,” Forberg told the Rappahannock supervisors at last Thursday’s board meeting. “It’s going to put the tax burden where it hasn't been before.”
On Thursday, Forberg repeated information he gave the supervisors at an earlier work session on reassessment and added some new data.
According to Forberg, the state requires that all localities move to 100 per cent fair market value assessment by 1981. Jurisdictions that fail to appraise at least 80 per cent market value will forfeit Alcohol Beverage Control Board funds, Forberg said.
Average assessments in Rappahannock will increase by about 12 times under 100 per cent appraisal, he predicted. In the first year
86.9%