Property Assessors Offices - Virginia
Virginia property records can be an investors best friend for information
Virginia assessors usually handle property assessments by county. Each county has an auditor's office with employees who check out and record property values, new construction and structural improvements. While manpower may prevent them from assessing homes and lots on an annual basis, Virginia land value is updated fairly regularly.Virginia land assessments will cause your property taxes to go up or down depending on the true market value placed on your property. If you've done improvements, you can expect it to increase. If the exterior of your property is in rough shape, your assessment will be lower. It pays to familiarize yourself with Virginia property assessors because their records will help you to:
1. Determine true market value.
2. Compare and contrast similar properties to track property market trends.
3. Evaluate whether a Virginia land assessment is fair based on comparisons with similar properties.
Know the ins and outs of Virginia property assessment
There is no state-level VA property assessment; it's actually done at the local level. Your investment properties are taxed at 100% full market value. It pays to know how these assessments are valued, so you can determine if the figure placed on your property is fair.
Try: Bankrate.com is a tool that educates you on property tax assessments in Virginia. Fairfax County's website explains the annual assessment program.
Use online tools to search Virginia property assessment
Searching online records is a relatively easy way to check out VA property tax records. There are several options because Virginia property assessment information is public record. There are free and subscription-based databases.
Try: Searchsystems.net uses the DirectPass online database to link you to information from property assessors in Virginia. It costs about $5 per month and is categorized by county. Some cities and counties such as the City of Portsmouth, Virginia and Arlington, Virginia Real Estate Investments post their real estate records online. Search by name or address to get the assessment information. Subscribe to LoopNet for free to search Virginia property records.
Determine potential taxes based on a similar record from the VA property assessor
If you're planning to invest in a multi-unit building and there's one next door that's similar, it's safe to assume that property assessors in Virginia will assess your property at an amount close to what your neighbors pay. Unless there are vast discrepancies in the condition, age or size of the building or lot, Virginia assessors must keep it in line with neighboring properties.
Try: Take some time to look through the records of Virginia property assessors, such as the annual report from the Loudon County assessor. Hanover Countty Geographic Information Access System and Chesterfield Connections post their geographic information online, too.
- If you feel an assessment is unfair, contact the VA property assessor in your county or city. Many of them will hold informal hearings so you can plead your case.
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