How does a property tax assessment work?

Property tax assessments in Virginia are based on the estimated fair market value of a property. In order to determine this value, assessors consider a variety of factors, such as the location of the property, its size, and its features. Assessors often conduct a physical inspection of the property, or conduct research into recent sales in the area to determine the fair market value. Once the estimated fair market value is determined, the assessor then calculates the amount of property tax owed. The amount of tax owed is based on the total assessed value of the property, multiplied by the current property tax rate. For example, if the assessed value of the property is $500,000 and the property tax rate is 0.0035, then the total amount of property tax owed will be $1,750. Property tax assessments can be appealed by the property owner if they feel that the assessed value is too high. The appeal must first be sent to the assessor’s office. If the appeal is rejected, the property owner may seek a hearing with the county board of equalization or an independent appeals board. During the appeal process, homeowners may present evidence that the assessed value is incorrect or that the assessment was inaccurate.

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How does a property tax assessment work?

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