January real estate sales more than new assessed values

By: Bob Stuart | News Virginian
Published: February 18, 2009

VERONA — January real estate sales in Augusta County were well above the new assessed value of the properties sold and “verify and validate the assessment we came up with,’’ the county’s mass appraiser said Tuesday.

Dave Hickey, president of Blue Ridge Mass Appraisal Company, said the January sales of 33 properties in the county were just more than $5.85 million, more than $400,000 above the new assessed value of those properties.

Hickey also pointed to sales in the county between August and December. The properties sold for just more than $73 million, well above a new assessed value of $65.7 million.

The just-completed reassessment has been the source of criticism from Augusta County residents, Pastures District Supervisor Tracy Pyles and Churchville attorney Francis Chester.

Chester is circulating petitions requesting that the reassessment be set aside. Otherwise, Chester said, he will sue the county. Pyles has backed Chester’s rollback call.

Pyles favors the county eventually going to in-house assessments by county employees.

Hickey and Augusta County Board of Assessors Co-Chairman Walter Brown criticized Pyles for failing to attend board of assessors meetings during the past year as a supervisors liaison.

Pyles said he is still awaiting complete information from Blue Ridge regarding the methods it used in the reassessment. The supervisor said he did not put a lot of stock in the January sales.

“It’s 33 sales out of 38,000 pieces of property,’’ Pyles said.

Pyles said his effort relates to values all across Augusta County and the biggest issue is with land.

Augusta County Realtor Kevin Lacey said the assessments on land are also a major problem for his business.

He said a 28-acre piece of property he owns is assessed at $216,000 but can’t be sold even for the list price of $169,900.

“The assessment should be based on market value. If I can’t sell a piece of property for $169,900, how can you say it’s worth $216,000?’’ Lacey said.

Appeals for county residents on their reassessments will be wrapped up early next week, according to Brown and Hickey.