Big Changes in Property Values for Homeowners in Bristol and Washington County

Big Changes in Property Values for Homeowners in Bristol and Washington County!

Hey there, Bristol and Washington County residents! Grab your mail and check those letters because big news is hitting your mailboxes. Homeowners around the area have just received their property reassessment results for the first time in four years, and it sounds like some of the numbers might make you do a double-take!

Skyrocketing Values

That’s right—many of you are seeing your assessed property values soar by an average of 52% in Bristol and an eye-popping 67% in Washington County. Whoa! It seems like the real estate market has been buzzing with activity, and now it’s showing up at your doorstep. While those percentages may seem astronomical, most homeowners will be pleased to know that this doesn’t mean they will be shelling out significantly more in property taxes.

What Does This Mean for Your Taxes?

You might be wondering: “How does this affect my wallet?” Well, the final tax rate based on these new values will be ironed out in the spring of 2025. But here’s the kicker—if the city council or county board of supervisors doesn’t make any changes in a public meeting, the new rate will adjust in a way that aims to equalize the amount of money coming in. Sounds a bit like a balancing act, doesn’t it?

This means that while some property owners might see their taxes go up, others may find their bills take a dip. It’s like tax roulette—except no one’s spinning a wheel, just trying to keep up with property valuations!

How to Handle Your Assessment

So, what if you received a letter that has you feeling less than happy about your new assessed value? Never fear! If you think your assessment isn’t quite right, you have options. Homeowners are encouraged to reach out to the companies that conducted the assessments to file an appeal against their new values.

And if the first round of appeals falls flat? You can take it one step further. If your initial appeal doesn’t go through, you can appeal to the local board of equalization. This board is appointed through the circuit court, so you’re not just shouting into the void! And if that still doesn’t sway the decision in your favor? You have a final option to appeal directly to the circuit court.

Stay Informed!

It’s understandably a lot to take in, but the best advice is to stay informed and proactive about your property values and potential tax implications. Make sure to keep an eye out for upcoming meetings where you can voice your thoughts or concerns. It’s your home, after all, and you deserve to know what’s happening!

So, let’s keep the conversation going, folks! How are you feeling about these new assessments? Are you planning to appeal, or are you just riding the wave of change? Remember, it’s essential to stay engaged with local government and community discussions as this new season of property assessments rolls forward.

Let’s keep chatting, Bristol and Washington County! Wishing you all the best as you navigate these new property values and what it means for you and your family!