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Homeowners should have received their county real estate assessment in the mail by now. And I know for most folks assessments are up, sometimes up by a lot. My office has received some frequently asked questions about assessments that are answered below:
Can the Board of Supervisors limit increases in real estate assessment values?
No. Article X, Section 2 of the Constitution of Virginia prescribes that “all assessments of real estate and tangible personal property shall be at their fair market value, to be ascertained as prescribed by law.” Per the Code of Virginia, Section 58.1-3201, assessments shall be made at 100 percent of fair market value. For most residential properties, fair market value is best determined from comparable sales data.
Is it possible to cap real estate assessments for seniors?
No, there is no provision to limit the amount of change from year to year, including for seniors. Seniors 65 and older and people with disabilities may be eligible for tax relief, however.
To get help filing a tax relief application, attend two workshops at the North County Governmental Center on:
How is my home’s assessment determined?
Recently sold properties within your assessment neighborhood are compared to properties that did not sell, and then assessments for the entire assessment neighborhood are adjusted accordingly. The calculation of your assessment also factors in new construction, such as additions, decks, porches or finished basements. Your assessment may also be affected by improved conditions, such as renovations, remodeling, replacements or other updates to your home.
Can the Board of Supervisors set a lower real estate tax rate for residential properties than for commercial ones?
No, both residential and commercial properties are taxed at the same base tax rate. However, rates for special districts may be added that can often distinguish whether residential property owners have to pay — the Commercial and Industrial tax to support transportation funding for example
Can my neighbors and I appeal our real estate assessments together?
No, appeals must be filed individually and separately. Learn more about how to file an appeal.
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