
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, December 29, 1994                   TAG: 9412290096
SECTION: VIRGINIA                    PAGE: C-3   EDITION: METRO 
SOURCE: RICHARD FOSTER STAFF WRITER
DATELINE:                                 LENGTH: Medium

BEDFORD COUNTY HOUSES WORTH MORE - ON PAPER

Many Bedford County residents discovered Wednesday when they opened their mail that their homes are worth a lot more than they thought.

The county is raising assessments by an average of 45 percent next year. Those living in the Forest/New London and Smith Mountain Lake areas will see the biggest average increases in assessed value - 52 and 66 percent, respectively.

Nevertheless, county homeowners shouldn't start putting up ``For Sale'' signs in anticipation of a big tax increase.

County Administrator Bill Rolfe said even though assessed values will go up, the Board of Supervisors is expected to lower the real estate tax rate to prevent a tax increase.

The county's real estate tax rate - now 65 cents on each $100 of assessed value - likely will be lowered to around 45 cents, Rolfe said.

The new assessments, which were mailed Tuesday, are based on market values. If residents disagree with their assessments, they can make an appeal to the county Board of Equalization by appointment between Jan. 3 and Jan. 16.

News of any kind of change in tax rates may give some residents the jitters, however.

The assessment increase follows a warning by Bedford City Manager Jack Gross that city residents may see an 11-cent increase in their property tax rates if Gov. George Allen's proposal to abolish local business-license taxes is ratified.

Bedford County, which doesn't issue business licenses, wouldn't be affected by that proposal.

The county's reassessment was its first in six years. Conducted by the Roanoke-based real-estate appraisal firm of Wingate & Associates, the reassessment took 16 months and cost about $450,000.

In 1989, when the last reassessment took effect, average property values rose by about 30 percent. That reassessment also was done by Wingate & Associates.

Virginia law requires counties with populations greater than 50,000 to reassess property values every four years. Bedford County, which averaged less than 45,000 in population in the past five years, was able to take an additional two years. Some suburban counties, such as Roanoke County, reassess real estate every year.

by CNB