Franklin County is required by the Code of Virginia to reassess properties at 100% of market value at least every four years. A reassessment results in a new value being established for your property. The assessed value along with the county’s real estate tax rate is used to calculate your real estate tax bill. There are several tax relief programs available that may reduce your tax payments if you qualify.

Virginia law requires localities to update (or reassess) real estate property values within their boundaries regularly. The purpose is to ensure real estate values used for tax purposes reflect market values as they change over time. Standard assessment cycles for a locality the size of Franklin County is every four years unless the Board of Supervisors votes to change it. This is a statutory law. It is also law that the assessments reflect market value and that they are not just "made up" numbers.

The reassessment process is as follows:

• The first step is a comprehensive sales study
• Each property is visited by a field inspector who verifies data and collects additional data. The field review is done with the homeowner if they are at home.
• The county is divided into smaller areas called neighborhoods for market comparison.
• Throughout the process, neighborhood sales, land values, yearly appreciation trends, and other data are analyzed.
• Data collection is entered into the mass appraisal system and accuracy is validated.
• GIS is utilized by appraisers and field technicians to view property lines, topography, open land vs. woodland, waterfront, etc.
• The goal of mass appraisal is to produce accurate appraisals and equitable assessments.
• The primary tool to measure the outcomes of mass appraisal is the sales ratio study.
• A sales ratio study compares assessed values to market values as represented by open market sales.
• When the reassessment is complete, property owners are notified and hearings with the appraisers will be held if requested.
• Property owners who continue to disagree with the reassessment results may appeal to a Board of Equalization appointed by the Circuit Court from recommendation made by the county.

The county's last assessment was in 2020. The county contracts Wampler-Eanes Appraisal Group to perform a reassessment of property in the county.  It's important to note four things:

• Reassessment notices are NOT tax bills. The notices give the new assessed value for your home/property.
• Real estate taxes have NOT increased. The current tax rate of .61 cents per $100 of assessed value. No taxation changes will take place until the County budget process is completed.
• Franklin County, nor the Board of Supervisors determine assessment values. This is done by a third party (Wampler-Eanes Appraisal Group).
• Over the next few months, the Board of Supervisors will be analyzing current and future financial information, reviewing the County budget, and how the reassessment impacts the County finances compared to the tax rate.

Tax Relief Applications

Franklin County provides a real estate tax relief program for the elderly and the disabled homeowners based on income and net worth. Those veterans with 100% Service-Connected Disability qualify for exemption as designated by state statute.

Land Use Program

Visit the Land Use Program page for additional information. For an application, please contact the Commissioner of the Revenue's Office.

Franklin County hired Wampler-Eanes Appraisal Group, Ltd. to complete the 2024 general reassessment. Wampler-Eanes is a professional appraisal firm approved by the Virginia Department of Taxation. The company assesses properties at market value. They also equalize assessments, to make sure no one property owner or class of property bears an unfair share of the real estate tax burden. Learn more about them on the Wampler-Eanes website.

Conducting a general reassessment of all properties in Franklin County takes about 18 months. According to Wampler-Eanes Appraisal Group, Ltd., they visited most properties in Franklin County between September 2022 and December 2023.

Over the past 18 months, Wampler-Eane staff members visited all real estate parcels in Franklin County to verify existing information about each property, confirm any changes made to each property, and take photographs/collect additional information if needed. They also gathered housing market data from different areas of Franklin County to determine market value for each community.

Market value is the most probable price that a willing and knowledgeable buyer and seller will agree to, assuming the transaction is a fair and normal sale with no undue pressure upon either party (such as a foreclosure). In other words, market value is how much something is worth in the current financial market.

The assessed value of your property and the real estate tax rate are used to determine real estate tax bills. For example: If the assessed value of your property is $100,000 and Franklin County's real estate tax rate is .61 cents per every $100 dollars of assessed value, then your tax bill for that property is $610. The Board of Supervisors sets the tax rate annually, typically in April.

In the past couple of years, homes locally and in other parts of the state and country have been selling for significantly higher prices. One reason for this increase is that there has been a shortage of homes for sale, also known as low inventory. When the supply of homes is lower, the demand is higher, which drives up prices for what is available. Other factors that have led to higher home prices include high labor/material costs and population shifts due to the pandemic.

You will receive your 2024 general reassessment notice in February 2024.

Your general reassessment notice will include information on how to appeal if you feel that your property was not assessed accurately.

It’s important to note that an assessment appeal is not a place to lodge a complaint about taxes nor can you appeal your assessment just because you feel the value is too high.

An appeal is an opportunity for the taxpayer to review their property assessment to ensure market value, accuracy, and the equalization to other similar properties.