Annual Real Estate Assessments are effective January 1st of each year.
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The Chesterfield County Board of Supervisors established the tax rate. The real estate tax rate is established each year after two separate public hearings have been held by the County Board of Supervisors - one hearing on the tax rate and one hearing on the budget. The 2023 tax rate is $.91 per $100 of assessed value.
Real estate taxes are calculated by multiplying the property's assessed value by the current tax rate. For example, if the tax rate is $0.91 per $100 of assessed value and the property is assessed at $100,000, you multiply $100,000 by .0091, which gives you an annual tax of $910.
On or before February 1st of each year, assessment notices are mailed to all property owners. At that time, if a property owner has a question about their assessment, they can contact or visit the Assessor's Office. Staff is available to answer questions about the assessment and will make available information relating to the assessed value.
Generally speaking, no. However, repairs that materially enhance the value of the property or repairs that recapture a loss in value that previously resulted in a lower assessment will most likely result in an increased assessment.
The assessed values of buildings that have been affected by such damages are adjusted through an exoneration procedure. That is, if a house burns down on February 20th, the assessment would be adjusted as of February 20th.
The most frequent cause for a change in property value is a change in the market. A shortage of houses in a desirable neighborhood may send prices soaring, while in a recession, homes may stay on the market for a longer time with some homes actually selling for less than anticipated. In good economic times, inflation alone may cause an increase in property values.
Property assessments are reviewed every year, but assessments are not necessarily changed every year.
Assessed values are based on market activity within a given area or neighborhood. Market activity (sales data) is used to establish fair market value. The fair market value of a property is defined as the price most people would pay for the property on the open market. Generally, the following steps are used in determining a property's fair market value:
The assessment ratio is the relationship between a property's assessed value and the property's selling price. This relationship is expressed as a ratio (a percentage). The assessment ratio is calculated by dividing the property's assessed value by the property's selling price.
For example, if a property is assessed at $95,000 and sold for $100,000, you divide $95,000 by $100,000 and this gives you an assessment ratio of 95%.
The State Code mandates, "... annual assessments... shall be made at 100% of fair market value" This state law was adopted in Chesterfield County effective January 1, 1977. The State Department of Taxation conducts an audit of Chesterfield's assessments annually to monitor the County's assessment to sales ratio.
Property records are available on the Internet and at the Assessor's Office.
Property owners are encouraged to contact the Assessor's Office should they have any questions. Staff are available to discuss the assessment and will make available information relating to the assessed value.
Yes, it is the same in Chesterfield County.