Virginia Property Tax

Real estate in Virginia is taxed at the local level based on 100 percent of fair market value. Effective true tax rates on real estate vary and are set by locality.Tangible personal property also is taxed at the local level and is based on a percentage or percentages of original cost.

Tangible personal property includes, but is not limited to, machinery and equipment, furniture, fixtures and trucks and automobiles. Residents must file Form 762, Return of Tangible Personal Property, Machinery and Tools, and Merchants' Capital, by May 1.

Once the assessments are mailed, you as a property have 30 days to appeal the assessment, either by calling or visiting the Real Estate Assessor's Office in City Hall. You may speak to an appraiser, review the data used in computing the assessment and, if necessary, schedule an inspection of the property.

After this, should a dispute still exist, you may appeal to the Board of Equalization and fill out Board of Equalization Appeals Form. The three person board, appointed by the Circuit Court, is composed of City property owners. The board may affirm, reduce or raise the assessment, if in their opinion such adjustments are necessary to equalize the tax burden upon all citizens in the City.

If you are dissatisfied with the Board's decision, you may appeal to the Circuit Court.

Real estate assessments, which are made each year by the Assessor's Office, are effective January 1 of the year and are at 100 percent of fair market value.

As defined in the Commonwealth of Virginia, fair market value is "the price a property will bring when it is offered for sale by one who desires, but is not obliged, to sell it and is bought by one who is under no necessity of having it."