Why have a Reassessment?

Property taxes are based on the market value of one's property; therefore, the law requires assessments to reflect market value.  Fairness dictates that each property should pay a proportionate share of the whole community's tax burden.  The purpose of a reassessment is to equalize the assessments and value properties at 100% of market value.

Reassessments insure the burden of taxation is distributed evenly and equitably.

Why have I received a notice of assessment change?

Section 58.1-3300 of the Code of Virginia requires that property owners be notified any time there is a change in the assessed value of their real estate. General Reassessments are also required by Code of Virginia, at a minimum of every six years.

Follow this link to see a table that compares Assessment Changes by District.

Assessments:

Sales that occur within Accomack County are examined by appraisers.  These sales are studied to determine if they represent fair market value (the price a willing buyer will pay a willing seller on the open market) and to confirm the physical features of the properties being sold.  After adjusting for differences between properties, the sales data is used as a guide to determine the proper assessment for all other properties of similar size, location, type, and level of improvement. 

If your property is in the Land Use Assessment Program, please note all values and amounts shown on the reassessment notice you received are based on fair market value, not land use value.

Also, the notice you received may not reflect any change in value for building permits issued after May 1, 2007 or any land divisions or property transfers recorded after June 30, 2007. 

See the Sales Ratios & Comparative Tax Data page for more detailed information.

Equalized Tax Rates:

The Board sets the real estate tax rate and other tax rates annually alongside its approval of the annual county budget.  When a real estate reassessment is performed, Virginia law requires that no more than a 1% increase in real estate tax revenue may be realized by a reassessment alone. 

The law requires the Board of Supervisors to advertise the “Equalized Tax Rate” – the tax rate which, when applied to the new assessment, would generate the same amount of real estate tax revenue (within 1%) as the prior tax rate generated under the prior assessment. 

In addition to the Equalized Tax Rate, the Board of Supervisors may also advertise a proposed tax rate, which might be intended to generate either more or less real estate tax revenue when applied to the property values determined by the reassessment.