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Assessment Guide
Questions & Answers
Gloucester County will complete a general reassessment during 2009 of all real property in the county to determine assessed value for real estate tax purposes. By the fall of 2009 all property owners in Gloucester County will receive a Notice of Real Estate Assessment Change, officially declaring the reassessed value of their real estate and property improvements. This brochure was designed to assist citizens in understanding the assessment process and address a few of the most frequently asked questions.
1. Why does Gloucester County reassess property?
2. Who is responsible for estimating the value of your property?
3.
How does the county determine the assessed value of my
property?
4.
What is the difference between the market value and the
assessed value of my property?
5. What causes property values to change?
6.
What is my role in the assessment process and how can I help
to make sure my information is correct?
7. What if I don’t agree with my real estate property
assessment
or feel it is incorrect?
8.
What
is the connection between the reassessed value of my
property and the actual county property tax that
I pay?
9. Will my real estate tax change if my assessment changes?
10. How and when is the county’s property tax rate set?
11. Is the assessment notice a real estate tax bill?
1. Why does Gloucester County reassess property?
Section 58.1-3252 of the Code of Virginia requires all localities to reassess property on a regular basis. The assessed value of your property is used to determine your share of property taxes. Gloucester County will conduct the reassessment process every two years to help ensure the fair and equitable assessment of all real property and evenly distribute the tax burden among all property owners.
2. Who is responsible for estimating the value of your property?
The Gloucester Real Estate Assessment Department is responsible for estimating the value of your property. Your property assessment is NOT your tax bill. Instead, the assessed value determines the overall share of taxes you pay. Because your property assessment affects your property taxes, it is important that your assessed value be accurate and fair. It is also important that you understand how the value of your property is estimated and what can cause values to change.
3. How does the county determine the assessed value of my property?
Virginia law requires that all real property, residential and commercial, be assessed at 100% of the estimated fair market value, which is the price the property would sell for on the open market. Real estate assessment values may increase or decrease due to a variety of reasons, including changes in economic conditions, structural changes or land rezoning. To determine the value of a property, the assessment department staff obtain and maintain many different types of information. Universally accepted methods are used to estimate market values, such as analyzing sales, costs and income information. The most relevant approach is applied to the type of property being appraised.
4. What is the difference between the market value and the assessed value of my property?
The market value of your property is generally defined as what your property would sell for under normal conditions. The assessed value is based on a mass appraisal and comparison of similar properties with consideration of other factors affecting market value. For residential properties, the assessor generally determines market values by comparing a property with similar properties that have sold in similar neighborhoods, giving consideration to other factors possibly affecting market value.
5. What causes property values to change?
The most frequent cause of a change in value is a change in the housing market. When the market has a large number of homes for sale, but little demand, values generally decrease. On the other hand, when the market recognizes a demand from buyers and few homes are for sale, market values tend to rise. Of course other factors such as improvements, additions or property damage from disasters may cause values to change.
The best defense against errors in your assessment is checking that the information used to establish your assessed value is correct. You may view your property record online by visiting the View My Property page or by visiting the county’s Real Estate Assessment Department located at 6489 Main Street on the first floor of County Office Building 2. If you discover any errors in your property record and/or Notice of Real Estate Assessment Change, contact the department at 693-3087 so that staff may review your information with you. A staff member may visit your home to check or correct any errors.
7. What if I don’t agree with my real estate property assessment or feel it is incorrect?
If you wish to request reconsideration or receive an explanation of how your reassessed value was determined you may do so through a three step process:
1. Contact the Real Estate Assessment Department at 693-3087 and make an appointment to discuss how the appraised value was established.
2. File a formal appeal application with the Gloucester Board of Equalization, which is appointed by the Circuit Court to hear the appeals of property owners on reassessment. A deadline date for filing a formal appeal will be publicized.
3. If you are not satisfied with the outcome of the board’s decision, a petition may be filed with the Circuit Court as referenced in Sec.58.1-3984 of the Code of Virginia.
While the Real Estate Assessment Department determines the assessed value of your property, the Gloucester Board of Supervisors sets the tax rate. The tax rate determines how much property tax you will pay, based on the assessed value of your property. Currently, the county’s real estate tax rate is $.61 per $100 of assessed value. Based on a house assessed at $200,000:
$200,000 $100 = $2,000
$2,000 x $.61 = $1,220 total annual tax
If you live in a mosquito control district and/or sanitary district then
you are subject to anadditional $01-.02 cents per $100 tax rate.
9. Will my real estate tax change if my assessment changes?
If your assessment increases or decreases it does not necessarily mean that the real estate tax you pay will automatically increase or decrease. Your real estate tax depends on both the assessed value and the county’s real estate property tax rate set each year by the Gloucester Board of Supervisors.
10. How and when is the county’s property tax rate set?
In March of each year, the Gloucester County Administrator recommends a real estate tax rate as part of the proposed annual county budget for the upcoming fiscal year. The proposed tax rate is based on how much money is needed to provide for county services such as public safety/law enforcement, education, fire and rescue, human services, capital projects and debt services. Public meetings, work sessions and public hearings are held before the board establishes the tax rate and adopts the budget, usually by May 1st of each year.
11. Is the assessment notice a real estate tax bill?
No. Real estate tax bills are mailed in June and November of each year. The first installment (of two payments) is due June 30th and the second installment is due December 5th. If your property is financed through a mortgage, the tax bill will be mailed directly to your mortgage company. If a mortgage company is not handling your property taxes, you will receive a tax bill in the mail.
Yes. Both a Tax Relief Program for the Elderly and the Disabled and a Land Use Program are offered. The programs have specific eligibility guidelines. Generally, persons age 65 or older, or who are permanently and totally disabled with incomes under $32,000, can receive total or partial real estate tax relief. The Land Use Program provides for reduced property assessment under four categories: real estate devoted to agricultural use, horticulture use, forest use or open space use. For more information about either of these programs, please contact:
Commissioner of the Revenue’s Office
(804)693-3451
http://www.gloucesterva.info/cor/homepage.htm
Application deadlines are April 1st for the Elderly and Disabled Program and November 1st for the Land Use Program each year.