Isn't it true that my assessed value should be less than what my property would actually sell for?

We are required by Virginia State Law to assess property at 100% of fair market value.  (Code of Virginia: § 58.1-3201)  Fair market value is considered to be the most likely price that someone would pay for a given piece of property on the open market, when there are no special circumstances to be considered.

Show All Answers

1. Why is a General Reassessment required?
2. Isn't it true that my assessed value should be less than what my property would actually sell for?
3. Why would my assessed value change if I haven’t made any changes to my property?
4. How can I be sure the assessors are qualified to value my property?
5. Isn't it true that you reassess so you can raise taxes?
6. I have heard there are programs in place to assist veterans, the disabled, or senior citizens in paying their taxes. How can I know if I qualify?
7. Why did my property change at a different rate than the County average?
8. How do I respond once I receive my Reassessment Notice?