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ment. Trained employees of the assessor conduct an analysis of what property in the county has been selling for by looking at past sales. This data is then used to project what similar pieces of property will sell for, and thus establish the “assessed” value, of which you have just been notified.
The option exists for the Board of Supervisors to appoint a Board of Assessors, comprised of county residents, whose task it is to oversee and review the contractor’s results, and to hear appeals of assessments from private property owners.
The Board of Supervisors did this. The Board of Assessors was provided training by the Virginia Department of Taxation and is currently conducting hearings for property owners who have concerns over their assessments. It must complete its work by Feb. 1.
As a further protection for taxpayers, the circuit court will, in the early spring, appoint from among county residents, a Board of Equalization which provides property owners a further venue to express their concern about their assessment.
The new assessed value of real estate will first come into play this June when the county adopts its budget for fiscal year July 1, 2003 to June 30, 2004. As discussed above, the county will then determine how much money it needs, divide that sum by the newly assessed value of all real estate in the county and come up with the new tax rate. It is only then that a land owner will really know what his or her taxes will be.
Effect of
reassessment
The practical effect of this year’s general reassessment will be felt in the tax bill due Dec. 5, 2003, which we will all receive in late October.
Because of the mathematical relationship, if the sum of money needed to be raised by
93.8%