At the Franklin County Board of Supervisors meeting last month, Mike Colavecchio, of Walter-Eanes Appraisal Group, gave a presentation about the six percent increase in the market values of residential homes. According to Colavecchio, a new assessment is done every four years and the increase averages around one and half percent per year. The last general reassessment was done in 2016.
“An increase of a little over five percent represents four years of change,” Colavecchio said. “The lake specifically had an increase of about three percent.”
According to Colavecchio, while property values around Smith Mountain Lake increase, land values went down. The increase was properties with lake influences, such as a view of the lake or if it was waterfront.
“We’re trying to match the assessments to reflect market values,” Colavecchio said. “We’re looking at properties that have sold mainly within the last year, and whatever has to happen to the assessed values to match the market value, that’s what gets applied to all of the properties in the area.”
Colavecchio said that in general, the value of vacant lots decreased while properties with a house or building increased. Commercial and apartment properties went up by about three and a half percent while agricultural properties increased by just a little over two percent.
-For more information, see the Feb. 19 edition of the Smith Mountain Eagle-