Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Taxation topic
No spam. Unsubscribe anytime.
Consultant explains Richmond property revaluation; 3,521 notices sent, 78 hearings held
Summary
Vision Government Solutions presented the town's statistical revaluation process, reporting 51 single‑family sales in 2025, a 95% assessment‑to‑sale ratio, and 3,521 taxpayer notices; residents questioned neighborhood stratification and the small sales sample's effect on valuations.
Vision Government Solutions delivered an overview of Richmond's statistical revaluation process and field review, reporting that notices went to 3,521 taxable properties and that 78 hearings were held after the revaluation notice was issued.
Steve Burke, the project's manager, said the firm conducted 300 inspections of sales and open permits, used local sales to build a sales‑comparison model, and applied field reviews and neighborhood stratification to derive updated assessments. "We do a full field review by vision appraisers... they drive by every single property in town," Burke told the council. He summarized the sales sample: 51 single‑family sales, 11 condominium sales and other residential‑type sales within the 2025 window used for the analysis.
Residents and councilors raised questions about the limited sample size in some neighborhoods, how neighborhoods are defined (by homogeneity and land‑value residuals rather than strict geographic proximity), and the appeals process. Burke and staff explained that land values are often derived using residual techniques when vacant‑land sales are not available, and that the revaluation uses market sales that can be verified through MLS and standard appraisal checks. Councilors asked for the firm's evaluation manual to be digitized for public access; the assessor agreed to coordinate with Vision on making methodology materials available.
