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City assessor outlines 2025 reassessment: taxable base up about 15.5%; notices to mail Feb. 28
Summary
City Assessor Jeff Bandy told council the 2025 reassessment shows roughly a 15.5% increase in taxable values, with residential values rising about 20%; assessment notices will be mailed Feb. 28 and the statutory review period runs March 1–31.
City Assessor Jeff Bandy told Lynchburg City Council on Feb. 18 that the 2025 general reassessment will increase the city's taxable base by about 15.5 percent and that residential values rose roughly 20 percent on average.
Bandy said the reassessment process follows Virginia code and the city’s two‑year reassessment cycle. He described the methods used — sales comparison for most residential property, cost approach and income approach for income‑producing properties — and said the appraisal team compiled sales and…
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