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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 income information to produce the new values.
Bandy said assessment notices are planned to be mailed Feb. 28. The city’s statutory review period is March 1–31; property owners who disagree with an assessment can file a review request through a paper form or an online Parcel Viewer review tool. He said the Parcel Viewer will go live with the new assessments when notices are mailed.
Council members asked how neighborhoods and property types were affected. Bandy provided ward‑level and neighborhood figures showing that some areas have median assessment increases notably higher than the city average — he cited examples of 24 percent and roughly 30 percent in specific neighborhoods — and warned that those increases would change individual tax bills depending on whether the council changes the tax rate. Council members discussed the potential for a public hearing if the reassessment leads to a net tax revenue change above the statutory threshold.
During the discussion council members raised concerns about discoverable structural problems such as foundation failures that might not be captured without an interior inspection; Bandy said staff could follow up on factual errors reported by property owners and, where appropriate, perform site inspections.
Bandy summarized market trends: median prices and rents have moved up in recent years, multifamily valuations rose about 21 percent, commercial values were relatively flat and industrial values increased. He also flagged longer‑term concerns about mortgage rates and construction costs affecting housing affordability.
