What is the required ratio of assessed value to fair market value?

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.

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1. Who establishes the tax rate?
2. How are real estate taxes calculated?
3. What is the effective date of annual assessments?
4. How do I know if my property assessment has changed?
5. Will home maintenance increase the assessment?
6. How does fire damage, storm damage, demolition, etc., affect a property's assessment?
7. How can my assessment increase or decrease even when there have been no changes made to the property?
8. Are properties reassessed every year?
9. How is the assessed value determined?
10. What is meant by the term "assessment ratio"?
11. What is the required ratio of assessed value to fair market value?
12. How do I access property assessments and record information?
13. What should a property owner do if they disagree with their assessment?
14. Is the commercial tax rate the same as residential?