How is property assessed?

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.

Show All Answers

1. What is the assessment cycle for real estate?
2. Why do assessed values change?
3. How is property assessed?
4. What is market value?
5. I've heard you develop values by computer, is this correct?
6. How often does Mecklenburg County assess?
7. Does the Assessor determine the tax rate and the real estate tax?
8. How can I calculate the tax on my assessed property?
9. Does Mecklenburg County offer tax relief for the elderly or military veterans?
10. Does the county offer real estate tax relief for disabled veterans?
11. Why have a property tax?
12. My house wasn't complete on July 1st; how was it valued?
13. What if I change my address?
14. How can I change the ownership on my property?
15. My re-assessment notice or tax bill shows land value and improvement value, but I didn't make any improvements. Why do I have an improvement value?
16. Does Mecklenburg County have a GIS website?
17. Where can I search assessment and ownership information?