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Real estate assessment in
Gloucester County is administered by the
Real Estate Assessment Department under the
authority of the Constitution of Virginia
(58.1-3252 of the 1950 Code of Virginia) and
the Gloucester County Code. The real estate
tax is the largest single source of revenue
accounting for 43.6% of the County's general
fund budget.
Virginia law requires that assessments be
uniform and based on 100% of fair market
value. The Virginia Supreme Court has
provided the following definition of fair
market value: The fair market value of a
property is the price which it will bring
when it is offered for sale by one who
desires, but is not obliged, to sell it, and
is bought by one who is under no necessity
of having it. |
