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      • Property taxes in Virginia are calculated based on a property’s assessed value, with tax rates varying by locality. Assessments are conducted to establish a property's fair market value and are critical for both the buyer and the seller to understand the financial implications of a real estate transaction.
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  2. Personal property taxes and real estate taxes are local taxes, which means they're administered by cities, counties, and towns in Virginia. Tax rates differ depending on where you live. If you have questions about personal property tax or real estate tax, contact your local tax office.

  3. The Constitution of Virginia, Article X, Section 2 and the Code of Virginia, § 58.1-3201 require real estate assessments to represent fair market value. For most residential properties, fair market value is best determined from comparable sales data.

  4. Understanding Real Estate Assessments. The Department of Tax Administration (DTA) reviews the assessed values for all real property each year with January 1 as the effective date. In accordance with the Virginia Constitution, real estate is assessed in a uniform manner and at fair market value. Assessment Definitions.

  5. An Assessment is a mass appraisal of property as of January 1 each year for tax purposes. Assessments are based on large numbers of sales that are analyzed to determine values for large groups of similar properties.

  6. What is the property tax assessment process in Virginia? In Virginia, property tax assessments are conducted to approximate the fair market value of a property, with reassessment cycles mandated by law—every two years for cities and four years for counties. During these reassessments, local officials determine the value of properties within ...

  7. Property assessment and taxation in Virginia are critical components of municipal financing. They determine how much homeowners owe in taxes based on the assessed value of their property and the local tax rate.

  8. You may view the 2024 assessments via the online Real Estate Property Assessment System. The Real Estate Assessments Office collects information regarding property descriptions, property sales, and other real estate market data.

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