ACCOMACK CO., VA - The Accomack County Board of Supervisors is proposing decreased tax rates as total county property value assessment is expected to rise nearly 25%.
According to data presented to the Board on Thursday by County Administrator Michael Mason, projected fair market value of total land and improvements in 2024 is nearly $5.36 billion, a 24.2% increase over last year’s actual fair market assessment of about $4.3 billion.
Originally, on February 5th, the Accomack County Administrator presented a reassessment projection of 21% higher than last year, but readjusted to the 24.2% figure at last night’s Board of Supervisors Work Session.
To lessen the sting of that increased property value assessment, Mason proposed a lowered real estate tax rate in the county. The proposed rate would drop from 2023’s $0.595 per $100 assessed value to $0.483 for 2024 under the budget plan.
Mason’s original presentation shows neighboring Northampton County’s tax rates at $0.760 per $100 assessed value and Worcester County’s at $0.957, making Accomack’s proposed rate one of the lowest in the area.
With the higher reassessment values but lowered tax rates, Mason says the new tax levy would be a 1% change, the maximum allowed by code before it is considered a tax increase.
Though the 24.2% assessment projection increase applies to the county as a whole, different areas of Accomack may see different increases or even decreases in their property value assessments.
Following his brief presentation Thursday, the Board of Supervisors asked Mason if there were any areas that saw especially significant changes in their property assessments outside of the county norm. Mason said it was more uniform than the last reassessment overall, though Tangier saw a significant decrease in values while Chincoteague saw another notable increase.
Mason plans to send advertisements to residents outlining the proposed budget and tax plans, touting no new increases to either personal property or real estate taxes.
“The first question that you answer, even if they don’t ask the question: we are not increasing your taxes,” said Board of Supervisors Chair Robert Crockett.
A public comments session on the proposed county FY2025 budget, reassessment, and tax rates in Accomack County is tentatively slated for Monday, March 25th, though that date may change. Assessment notices will be sent to all Accomack County property owners once that public hearing is set, according to Mason.