Area property values flattening out

PARKERSBURG - A fewer number of Wood County property owners received letters notifying them of increases in their real property values this year, as area property values seem to be flattening out.

"We only mailed out 1,829 valuation letters this year. We didn't see any major increases in properties this year," said Wood County Assessor Rich Shaffer. Back in 2007, there were 8,400 letters mailed out; in 2006 there were 7,500 and in 2006 there were 8,700.

The state requires anyone whose real property valuation has increased by 10 percent or more must be notified in writing. This is generally done around this time of year so the property owner has time to file an appeal with the assessor's office or the Wood County Commission, which sits as the Board of Equalization and Review during Februrary. Failure to file an appeal with the board when it meets means that right is then forfeited. The valuation letter pertains to appraised property values. The appraisal is the fair market value of the property, 60 percent of that is the assessed value and with the levy rates applied, that is how taxes are calculated.

"It seems like a lot of the property values are renaming basically flat, that's my understanding anyway," noted Commissioner Blair Couch.

Shaffer agreed.

"There were not as drastic of an increase in market values over the past year. A lot of people looking at the national news, feel there was a decline, but West Virginia, especially Wood County, really didn't see that. We didn't have that bubble increase some other areas of the country saw, so there was no bubble to burst here," Shaffer said. "We just didn't have the decrease in values that some areas saw."

The assessor noted there were more than 3,000 building permits issued this year, and many of the 10 percent letters were related to new construction or improvements, changes made in existing real estate. Shaffer said there were 127 new homes constructed last year. Both those numbers are down slightly from the previous year.

"With that number of building permits, most of the 10 percent letters related to new parcels being created, there were a few based on value in areas where we were a little low based on recent sales, but overall, things have flattened out," Shaffer said.

The assessor noted foreclosures for this area are down somewhat from previous years. For 2005, there were 177; in 2006, there were 179. In 2007, there were 2007, 157; in 2008, there were 151 and last year there were 147 foreclosures here.

Shaffer advised anyone who has a problem with or wishes to challenge their real property value should first contact the assessor's office at 304-424-1888 to set up an informal meeting. If they are not satisfied with that outcome, they have the right to file an appeal to the county commissioners during the month of February when they meet as the board.

The dates and times this year for the Board of Equalization and Review will be: Feb. 1, 4, 5, 8, 11, 12 and 16. Feb. 15 is a holiday. Evening appointments will be available as requested on Feb. 8, 18 and Feb. 22 for residential properties only.

The deadline for appeals on commercial property is Feb. 16.

If someone files an appeal with the board, they should bring a recent appraisal, or at least photographs of the property to argue their case in challenging the valuation.

"If there are problems, structural problems, that kind of thing, you should have photos to show them," Shaffer noted.

To make an appointment with the assessor's office, call the reappraisal department at 424-1888 between the hours of 8:30 a.m. and 4:30 p.m., Monday through Friday. Appointments for the board can be made through the county administrator's office by calling 304-424-1976 during the same business hours.

Those who are still not satisfied with the outcome of their board hearing, can file an appeal with the Wood County Circuit Court.