Constantly changing economic conditions can cause inequities to develop.  The solution is to reappraise all real estate, bringing assessment records up to date with present day values.

Market value is the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.

Code of Virginia Section 2.2-419 states “’Fair market value’ means the price that a good or service would bring between a willing seller and a willing buyer in the open market after negotiations. If the fair market value cannot be determined, the actual price paid for the good or service shall be given consideration.”

People make the market, not the assessor. During a reassessment, it is the assessor’s office’s job to research and discover values through analysis of current sales data.

A single property sale, however, does not solely determine property value. All valid sales in a given neighborhood are used as guidelines. In effect, a revaluation does the same thing a prospective buyer would do when examining all the features of a property before applying values.

Other factors considered are: local market conditions, size and quality of construction, age of building, improvements to or deterioration of neighborhoods, and zoning.

Not always. Some people pay more than fair market value for their property. Others may have bought their property at a bargain price, and others may have purchased the property years ago when prices and values were considerably different. The true test of your property value is its worth on the effective date of reassessment in comparison to similar properties.

If market values in your area have not risen as much as in other areas, or, if your property is currently overvalued when compared with like properties, your share of the tax burden could be reduced as a result of a reassessment.

The 2027 assessments will be effective January 1, 2027.

The FY 2027 Land Book will be generated after July 1, 2026.

The Land Book is the culmination of the reassessment process.  This listing includes each parcel of real estate with the owner’s name, legal description, amount of the assessment, and the taxes levied. The valuation date of the land book is January 1 each year. The January 1 values are effective for billing from the following July 1 through June 30 of the following calendar year.

The effective date of the Land Book is July 1 each year.

The primary purpose of a reassessment notice is to give you an opportunity to review your new assessed value. In an informal office review, you can ask questions about values that will be reviewed and explained. Adjustments, corrections, and concerns will be noted.

Remember, a reassessment establishes and addresses value, not taxes. Reassessments are important because tax revenue is based on the assessed value of all properties.

The formula is Assessment/100 x Tax Rate = Taxes.

The County Board of Supervisors establishes tax rates in the spring of each year when they adopt the annual budget.

Vision calculates the assessed value of your real property.

If you believe that your assessment is wrong, you will have the opportunity for a meeting during the informal hearing process where you will speak with a representative from Vision and review your assessment. This is the proper procedure to correct any errors or miscalculations. Vision will make necessary adjustments if you can demonstrate an error which significantly affects your property value.

If there is a significant difference between the data on your property records and the actual state of your property, Vision will schedule an inspection and review of your property. Where the property owner presents factual evidence, an adjustment may be made without additional inspection and review.