Real estate assessments are extraordinarily high again this year. There are a few options.
The Code of Virginia (Title 58.1-3201) states that real estate is to be assessed at 100% of fair market value. Fair market value is defined as the amount a property would likely sell for today if it were on the market for a reasonable time.
The Code of Virginia also allows localities to return the surplus real estate taxes to the taxpayers. This can be done as a refund to taxpayers. The Board of Supervisors can also reduce the real estate tax rate to equal the previous year’s revenue when there is an extraordinary increase in assessments.
The Board of Supervisors is reviewing options to return a portion of the increase to the taxpayers. Please discuss these options with your supervisor as they are currently proceeding with the budget process.
If you believe your assessment is incorrect, you can file a formal appeal with the County’s Board of Equalization. The form must be returned by March 15. You can get more information at the county website.
If you are at least 65 years old or totally and permanently disabled, you may qualify for Real Estate Tax Relief for the house and up to 10 acres of land. The gross combined income limit is $55,000 and net worth limit is $300,000 exclusive of house and up to 10 acres of land. The deadline was March 1, but contact the Assessor’s Office at 804-365-6128 if you qualify or you know of someone who may qualify.
