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Hanover assessor previews 2025 reassessment: interim growth about 4.74%, ~30,000 notices expected
Summary
Director of Real Estate Assessment Richard Paul told the board the 2025 interim reassessment shows an overall net increase of about 4.74% (residential +3.9% ≈ $724M; commercial +0.86% ≈ $37.7M), about 30,000 parcels will receive notices and informal review begins in January.
Richard Paul, Director of Real Estate Assessment, briefed supervisors on the county's interim results for the 2025 reassessment. Paul said the interim net increase stands at 4.74% and that roughly 30,000 parcels will receive assessment change notices. He broke the change into major classes: residential up approximately 3.9% (about $724 million in assessed value); commercial up about 0.86% (about $37.7 million); combined net reassessment change of roughly $761.9 million (about 3.3% on the numbers he presented earlier)—with new construction and natural growth components also reported.
Paul described review period activity this year (3,60 parcel inquiries, 174 inquiries handled by phone) and said the Board of Equalization reviewed 22 parcels and upheld the county assessments. He said new construction valuation additions were lower than a year earlier after a very large industrial year in 2023 (e.g., Wegmans and other industrial projects). Paul noted final numbers could change based on deeds and plats recorded through Dec. 31 and that the informal review period will run in January 2025.
No formal board action was taken; Paul answered supervisors' technical questions about property classes, new neighborhoods coming on line and the informal review schedule.
