Tax Reassessment

Town of Ocean View – Reassessment for FY23 Property Taxes

The Town of Ocean View is conducting a revaluation of all ~ 3,390 tax properties located in the Town’s corporate boundaries in accordance with the Town Charter that requires a reassessment every five years.  These new assessed values will be used for the Town’s FY23 property tax bills that will be mailed in late May 2022.  The Town last reassessed tax properties in 2017/2018 and these values were used for property tax billings beginning with FY18 property taxes.

The Town has contracted with Pearson’s Appraisal Services, Inc. to conduct this reassessment. The Town’s reassessment is independent and not associated with any future reassessment by Sussex County.

Field Visits to Begin in August – Access to Your Property

Pearson’s Appraisal Services, Inc. expects to begin field visits in Town no later than August.  The Ocean View Police Department will receive advance notice as the assessor begins to work his way through Town. The assessor will have appropriate identification if you have any questions.  While the field representative will need to come on your property to verify the necessary measurements for structures, as a rule, he should not need access to the interior of your house.

The Assessment Process

Sales Analysis – Pearson’s Appraisal Services, Inc. has performed a complete sales study and analysis of real estate transactions in the general Ocean View area.  During this process, the assessors analyzed local building costs, recent property sales, commercial income and expense information, and other valuation factors.  From this study a complete statistical analysis was conducted to arrive at schedules of cost data applicable to the Ocean View area that will be used to establish market values and calculation factors.

Field Inspection and Data Collection – During this phase, Pearson’s Appraisal Services, Inc. representatives will visit each property in Town and photograph all major buildings and structures.  For those properties with improvements listed on existing assessment files, the assessor will verify the information that was previously collected and make any necessary corrections or adjustments.  For properties with new or previously omitted structures or improvements, a more complete inspection will be made.

  • All interior and exterior information will be obtained from Town files and the structure will be measured and sketched.
  • In the event that necessary information is refused or withheld by the owner, a notification will be made on the assessment file and the property will be valued based on the best information available at the time.

For each improved property, the main structure will be sketched if the square foot area of the structure is a factor in the valuation.  If the square foot area is not a factor, a notation will be made on the assessment file and a lump sum value will be used to value the structure.

Commercial properties will be handled in the same manner as residential properties. Buildings and structures will be accurately measured and a complete description will be included in the assessment file.  The basic cost data will be applied to existing construction for the determination of accurate and consistent replacement cost less any physical depreciation or functional or economic obsolescence.  In addition, market data will be used where applicable and available to assist in appraising such properties.

Valuation Analysis – After the field inspection and data collection have been completed, valuation analyses and calculations will be done for each property by Pearson’s Appraisal Services, Inc.  These initial values are then reviewed in the field to check for errors and make any necessary corrections.

New Value Notification – Notification of new assessed values are expected to be mailed to all property owners in early-December 2020.  This notice will also describe how to contact Pearson’s Appraisal Services, Inc. if you have questions regarding the new assessed value.

Property Owner’s Appeal – Pearson’s Appraisal Services, Inc. plans to conduct informal value review meetings at Town offices, by appointment only, in mid-January.  When known, dates will be included in the new value notification and posted on the website. If a property owner is not satisfied with the results of this informal review, a formal written appeal may be filed with the Town. Note that these written appeals will be heard and decided upon by the Town’s Board of Assessment that is appointed by the Town Council.

How will this reassessment affect my property taxes?

By itself, a reassessment is revenue neutral, although it can cause tax burden shifts between properties.   The Town must still rely on the annual collection of property taxes in the range of $2.67 million.  

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If you have any questions regarding the revaluation project, please call the Town Administrative Office at 302-539-9797.

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