Why is Real Property assessed and reassessed?
The Office of the Commissioner of the Revenue is responsible for administering all the County’s ad valorem taxes. An Ad Valorem tax is simply a tax based on the value of the taxable item. Real estate is the best example of an ad valorem tax. Article X, § 4 of the Virginia Constitution sets aside real estate for local taxation only. Virginia Code §58.1-3201 states: All real estate, except that exempted by law, shall be subject to such annual taxation as may be prescribed by law. All general reassessments or annual assessments, in those localities which have annual assessments of real estate, shall be made at 100% fair market value. Virginia Code §58.1-3252 requires that all counties with a population of 50,000 or more shall have a general reassessment of real estate every four years.
