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Once the tax rate is set by the Board of Supervisors, your taxes due may be calculated by using the following formula: - Taxes Due = Taxable Value x Tax Rate - Taxable Value = Assessed Value / 100
For example: If the Assessed Value is $150,000 and the Tax Rate is $0.77:- Taxable Value = 150,000 / 100 = $1,500- Taxes Due = 1,500 x 0.77 = $1,155
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The Code of Virginia (§58.1-3201) requires that all jurisdictions in the Commonwealth periodically perform a general reassessment, requiring at least 1 reassessment every 6 years.
In 1977, the code was amended to further stipulate that all property must be assessed at 100% of market value. Since real estate taxes provide the bulk of each jurisdiction's tax revenue, it is essential that property be periodically reassessed to ensure that taxes are levied in an equitable manner.
The last general reassessment was conducted during 2015 and became effective January 1, 2016. The next one will be conducted during 2020 to become effective January 21, 2021 in accordance with current county code.
$0.77/$100 of assessed valuation
If you feel that a substantial error has been made, then you should schedule an appointment. However, consider the following scenario: you schedule a hearing with the assessors, the assessors consider your position and adjust your assessment down $5,000. Applying the current tax rate of $0.77, the decrease in your annual taxes due would equate to $38.50.
To answer the question, you have to decide whether or not your time and effort is worth the potential change in taxes due.