Fair Market Valuations
Real estate in Virginia is assessed at 100% of its fair market value. Real property tax bills are based on the real property assessment and the real property tax rate, which is set annually by the Board of Supervisors. Questions about real property assessments or fair market valuations should be directed to the Office of the Commissioner of the Revenue.
Land Use Valuations
If real estate is used for agricultural, forestal or open space purposes, the owner may apply to have the land assessed for this use, which in most cases results in a lower assessed value. You can get more information on the Land Use Assessment Program, or by contacting the Office of the Commissioner of the Revenue.