The law requires assessments to reflect market value.  Sales study research indicates that many areas of Accomack County have experienced strong real estate price appreciation since the reassessment performed for 2003.  Therefore, it is not unusual for many property owners to see a substantial increase when comparing their 2008 assessment to that of 5 years ago.

Market values are created by buyers and sellers acting independently.  If sale prices in your area increase, the market value of your property may also increase, even though your specific property did not sell or otherwise change.  Assessments will follow the sales trend.  Market values (and assessments) may change due to appreciation, value declines, new construction, remodeling, rezoning, subdivision, or other changes.

Please refer to our AccoMap site to compare your assessment with similar property located in the same area.

*By law, real estate records are public information.  Accessing this information provides an easy way for taxpayers to validate their records and to compare assessments of comparable properties.

 Another purpose of sales ratios is to make comparisons possible among localities in Virginia.  Localities bill at their stated rate called the nominal tax rate but these rates can be converted using the assessment to sales ratio to an effective rate that is comparable across localities.  The Department of Taxation's Sales Ratio Study page has links to annual studies that contain this information.  A table with the most recently published three years for Accomack County and the State is below.

Additional information on Sales Ratios including definitions of terms and the calculation methodology may be found at the following links.

1. Sales Ratio Study page (VA Dept. of Taxation)

2. Annual Studies (Appendix 1 contains the definitions and methodologies)

• 2003

• 2004

• 2005