What is the “taxable value” of my property?

The “taxable value” of your property in Virginia is the assessed value of the property, less any allowed exemptions or deductions. The assessed value is determined by your local real estate assessor and is based on the fair market value of your property. They take into account the size of your property, any improvements made to the property, such as additions, and its condition when determining its assessed value. Exemptions and deductions can be taken off that assessed value to arrive at the taxable value of the property. The most common exemptions are homestead exemption, veterans’ exemption, and senior citizen’s exemption. These exemptions are designed to provide tax relief for those individuals who qualify. Certain deductions are also available and are subject to certain restrictions. Examples of deductions that may be taken are deductions for any improvements or renovations made to your property. In short, the taxable value of your property in Virginia is the assessed value minus any allowed exemptions and deductions. This value is then used to calculate your property taxes for the year. It is important to understand your local laws and regulations when understanding the taxable value of your property.

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