6. Real Estate Assessment & Fiscal Year 2027 Budget
York County conducts a real estate assessment of all properties within the County every two years. This year is the end of the two year assessments cycle. Property owners can expect to receive their assessment notices in the mail at the end of December 2025. It is estimated that property assessments will increase between 10 to 12 percent. Information on how to obtain answers to questions about your assessment, including the process for review and appeal, will be described in your assessment letter.
The County is currently developing the fiscal year 2027 budget. This budget will be approved in May 2026 by the Board of Supervisors. The May deadline allows the County the time needed to satisfy State code requirements that all municipalities must begin the fiscal year with a balanced budget. The 2027 fiscal year begins July 1, 2026.
Approving the real estate tax rate is an essential action that is necessary to fund the yearly budget. Both the County tax rate and County budget are recommended by the County Administrator for approval to the Board of Supervisors.
The tax rate approved in May 2026 multiplied by the real estate assessment you received in December 2025 will determine the amount of real estate tax you must pay to the County. It is important to note that there will be several public meetings and public hearings concerning the proposed budget and tax rate prior to final approval by the Board.
At the direction of the Board of Supervisors, the County Staff is studying the possibility of changing the real estate assessments from a two year to a one year cycle. One objective of the study will be to identify and set a long term tax rate that will not change from year to year. Henrico County has successfully used this approach for the past decade. Lessons learned from years of experience with a stabilized tax rate and yearly assessment are:
- The impact on household budgets due to large variations in real estate assessments is minimized.
- Revenue requirements for the budget become more predictable for both the County and homeowners.
- There is a significant increase in public awareness and understanding of budget requirements and how taxpayers’ funds are being spent.
- Increased communication between the County Government and its citizens leads to increased transparency, accountability, and trust.
You can expect to hear more about the study later this budget cycle. |
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