Roanoke County real estate values increase by an average of 12%
Residential Roanoke County real estate values rose by an average of about 12% after reassessment, according to county data.
Real estate in Roanoke County has been assessed at just over $11 billion for 2023, according to county officials, a more than $1 billion increase from 2022.
The county assesses the residential and commercial real estate values of properties in its jurisdiction on an annual basis.
The rise in residential real estate values made up the vast majority of the growth, with market value accounting for nearly 91% of the increase from approximately $8.7 billion to $9.7 billion, according to county figures.
Commercial real estate saw a much smaller increase in its value from approximately $1.25 billion to around $1.29 billion, a difference of just over $43 million—a 3.5% jump.
Market value accounted for roughly $27 million of that increase, with the rest coming from new development.
Comparatively, 2022 saw an overall hike of 7%, with no other year crossing the 4% threshold since 2013, according to county documents.
The current tax rate of $1.09 per $100 of assessed value has remained the same for years, but the housing market has seen rapid growth over the last few years, which means increased taxes.
For context, the median household in the county is $299,000, up from $258,000 this time last year, according to county officials. That would equate to average tax bills going from $2,812 to $3,259 in 2023.
Real estate taxes make up 50% of the county’s revenue, which is approximately $110 million for the current 2023 fiscal year.
Deputy County Administrator Rebecca Owens said the county would receive another $11.5 million in revenue this calendar year based on the newly assessed values calculated in November.
Board of Supervisors Chairwoman Martha Hooker said she and other supervisors have already heard from constituents expressing concern over the increases in value.
Hooker said at Tuesday’s meeting the county has not made any decisions on whether or not there will be any tax relief this year, but “everything is still being considered,” including lowering the tax rate for the upcoming fiscal year.
She said there are a lot of factors to consider before the board advertises its proposed maximum tax rate, scheduled for its March 14 meeting.
The rate that is advertised after that meeting can be lowered, but it cannot be increased, per state law.
When personal property taxes were historically high last year, the board of supervisors did provide relief for residents.
The county chose to increase the personal property tax relief percentage mandated by the state from 47.45% to 83.3% on the first $20,000 in assessed value for qualifying vehicles in an effort to quell the large hike in assessed value of used vehicles.
It received approximately $12.2 million from the state for its offset percentage, but the county decided to double the amount, as used car values had risen 30% to 40% from the previous year, Owens previously stated.
The relief was seen on the personal property bills that were due at the end of May, and while some residents did still notice an increase from their 2021 bill, it was less than if the county had done nothing.
County citizens will pay a total of approximately $36.5 million in personal property taxes this year, roughly $3 million more than last year, but without the additional cuts, this year’s number would’ve been nearly $49 million, Owens said previously.
A public hearing is set on the tax rates for the upcoming fiscal year at the March 14 meeting before supervisors would vote on the advertised rate.
The real estate tax rate is scheduled to be adopted April 11.