Fair market value is the price a property will bring when it is offered for sale by one who desires, but is not obliged, to sell it and bought one who is under no necessity of having it.
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The Code of Virginia requires that the Assessor’s Office assess all real property at 100% fair market value.
The Assessor’s Office maintains records listing the property characteristics and condition of each property. These records are public information and may be reviewed any time during office hours: Monday through Friday; 8 a.m. til 5 p.m.
The appraisal staff attempts to constantly review property values so that all assessments are fair and equitable. Sales prices are always fluctuating due to many reasons: from the cost of financing to how knowledgeable a buyer may or may not be. These factors all may have an influence on price. The staff does not always have the opportunity to visit and inspect every property within the city. In today’s working world, it is not always possible to make a contact with each property owner. Appraisals are not an exact science. With proper documentation and information, should the Assessor find a property assessed too high or low, he/she will correct it.