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Why are real estate assessments important?
In Virginia, application of a real estate tax rate approved by the governing body, to real estate assessments, provides that the tax burden is equally distributed to all property owners in proportion to the fair market value of their real estate. Real estate taxes are a major source of local funding for local services, such as public education, fire and police protection, roads and utilities.

Show All Answers

1. Why are real estate assessments important?
2. The internet record shows incorrect data for my property. What should I do to correct this?
3. If a home recently sold for $295,000, is that the fair market value?
4. If my home is destroyed or damaged due to a fire, hurricane or other fortuitous act how does it affect my assessment?
5. I did not renovate or make an addition to my property, so why did the value increase?
6. At what percent of market value do you appraise property?
7. When Are Taxes Due And To Whom Do I Pay Them?
8. Must the property owner allow an interior inspection of his or her property when contesting an assessment?