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Assessments and Assessment Appeals
Understanding Your Real Estate Assessment
Assessment Process
Following is an overview of the assessment and appeal processes performed
by the Department of Real Estate Assessments.
- Virginia State law requires localities to conduct reassessments of
all taxable real estate and to assess property at 100 percent of the
fair market value.
- Fair market value is the amount for which property would be expected
to sell in the open market.
- All taxable real estate in Chesterfield County is assessed annually.
How are real estate assessments established?
- Actual sales that have occurred within a neighborhood or area are
reviewed.
- Sale properties are inspected to determine the factors of the sale,
which establish market value.
- Comparisons are made with similar properties in the area.
- Assessments are established using the actual sales data.
This assures that all properties are being assessed equitably. The assessment
reflects market value and does not set market value.
- Assessment increases or decreases can fluctuate from area to area
based on the market sales activity.
- Annual Real Estate Assessments are effective January 1st of each
year.
- Real estate taxes are not determined until the Board of Supervisors
sets the tax rate in April.
- Revenue generated provides residents of Chesterfield County with
services such as public safety, public education and community resources,
including libraries and parks.
Assessment Notice
- An Assessment Notice detailing property values for the tax year is
mailed in January.
- Only those properties that have a change in value or a change in
ownership will receive an assessment notice.
- This notice will reflect the old assessed value and the new assessed
value of the property.
Appeal Process
- Property owners who have questions regarding their assessment may
contact the Assessor’s Office.
- The appraiser who established the assessment will review the property
information to assure accuracy and will explain how the assessment was
established.
- If you still believe your property is not correctly assessed, you
may request an application for appeal. The deadline for submitting applications
is March 15.
- You should collect any evidence you have to show why you believe
the assessment is incorrect.
- If you disagree with the results of the office review, you have the
right to appeal to the Board of Equalization. This may be done by requesting,
signing and submitting a Notification Letter.
- The board is made up of property owners in Chesterfield County appointed
by the Circuit Court.
- If you are not satisfied with the outcome of the board’s decision,
you have the right to appeal to the Circuit Court.
More information on how to complete an application for appeal
View Procedural Rules for the Board of Equalization
The Assessor's office welcomes the opportunity to answer any questions
and discuss your assessment with you at any time during the year. You
may call (804) 748-1321.
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