Virginia law requires property assessments to be based on fair market value. Estimating the market value of your property is a matter of determining the price a typical buyer would pay for it in its present condition. Some factors the Assessor considers are:
- What properties similar to it are selling for in the current market
- What it would cost to replace it using current material and labor costs
- How much it takes to operate and keep it in repair
- What rent it may earn
- Other factors that may affect its value
The Assessor does not create the value. People make value by their transactions in the marketplace. The Assessor has the legal responsibility to study transactions and appraise your property accordingly.