February 3, 2023 — The Staunton City Assessor’s Office has completed the 2023 reassessment. With 11,258 taxable properties located in the City, when all are averaged together, the increase in valuation is 25.49%. Reassessments occur every two years in Staunton, therefore the increase translates to a 12.7% annual increase. Reassessment notices have been mailed to property owners. 

Individual neighborhoods and classes of property (e.g., residential, commercial, industrial or vacant) change at different rates.  Assessments of individual properties will also vary from the average increase. 

2023 Reassessment Highlights:

Residential properties                     29.4% average increase
Commercial properties                   9.56% average increase
Industrial properties                        8.7% average increase
Vacant land                                           18% average increase

New Construction Added               $21,340,160

Assessments are driven by a variety of economic influences which determine sales prices.  For the past two years, properties have been selling for much more than pre-pandemic years. The high demand for, but limited supply of, properties available for sale in the City of Staunton led to sales prices skyrocketing. The same trends have occurred in Waynesboro, Augusta County and most of the Commonwealth. Historically, Staunton experienced similar trends in 2007 with an increase in assessments of 32.7%. A 9.4% reduction to those assessments followed later.