FISCAL YEAR LAND BOOK
FREQUENTLY ASKED QUESTIONS
Why is Prince George County changing from an Annual Land Book to a Fiscal Year Land Book?
The Real Estate Land Book is the legal document by which the County determines its tax roll and collects real estate taxes.
Real estate taxes are determined by multiplying the taxable value of each real estate parcel by the real estate tax rate. Real Estate Values are determined by the Real Estate Assessor, and the Real Estate Tax Rate is set by the Board of Supervisors. The resulting values produce the Real Estate Land Book.
Prince George County converted from annual to a biannual real estate tax billing cycle in 2005 while maintaining an annual real estate land book. This change created some budgeting challenges.
Real Estate Assessments are effective January 1st.
The County operates using a Fiscal Year Budget.
Real Estate Tax Rates are set by the Board of Supervisor annually based on the upcoming Fiscal Year budget and then retroactively applied to January 1st assessed values for the annual land book.
Adopted Tax Rate is applied to real estate tax billings and collections over two different Fiscal Years.
A Fiscal Year Land Book Aligns Real Estate Tax Payments with the Fiscal Year Budgeting Process.
How will this affect my real estate taxes?
Real Estate taxes will continue to be billed on June 5th and December 5th of each calendar year. The Real Estate Assessments will continue to be performed on an annual basis. The Real Estate Appeals process will remain unchanged.
The change will come in that the Board of Supervisors will now adopt a real estate tax rate that applies to the Fiscal Year (July 1st – June 30th). The Real Estate Assessed Values will be determined as of January 1st (Valuation Date) and used to produce the July 1st (Tax Levy Date) Fiscal Year Land Book. This Fiscal Year Land Book will be used to produce the December 5th and June 5th Real Estate Tax Bills.
Real Estate Tax rates are set by the Board of Supervisors.
What is the process for converting to a Fiscal Year Land Book?
The process of converting from an annual year real estate land book to a Fiscal Year Land Book is specifically spelled out in the Code of Virginia. Prince George County will produce two Land Books and the Board of Supervisors will adopt two Real Estate Tax Rates for Calendar Year 2013.
First, a 2013 Short Calendar Year Land Book will be produced with a real estate valuation date and a tax levy date of January 1, 2013. The 2013 Short Calendar Year Land Book will be effective for the period of January 1, 2013 through June 30, 2013.
The Real Estate Tax Rate for the 2013 Short Calendar Year Land Book, which will be used to calculate the June 5th, 2013 Real Estate Tax Bill, is proposed to be $0.80 per $100 of Assessed Value, the same rate as 2012. A public hearing and vote by the Board of Supervisors to determine and adopt this rate will be held on February 26, 2013 at 7:30 pm.
Second, a 2013/2014 Fiscal Year Land Book will be produced with a real estate valuation date of January 1, 2013, and a tax levy date of July 1, 2013. The 2013/2014 Fiscal Year Real Estate Land Book will be effective for the period of July 1, 2013 through June 30, 2014.
The Real Estate Tax Rate for the 2013/2014 Fiscal Year Land Book, which will be used to calculate the December 5th, 2013 and the June 5th, 2014 Real Estate Tax Bills, will be determined and adopted at a public hearing and vote by the Board of Supervisors scheduled to be held on March 26, 2013 at 7:30 pm.
Real Estate Assessed Values for the 2013 Short Calendar Year and the 2013/2014 Fiscal Year will be identical. The 2013 Short Calendar Year Land Book will capture any parcel changes, and any resulting value change, that have occurred since the 2012 Land Book. These changes include new construction, new parcels, discovery items, and Land Use Valuation. The Valuation Models used are the same as 2012.
Land Use Values change annually and are adopted from the State Land Evaluation Advisory Council (SLEAC).
Who can I contact if I have any questions?
Please contact the Assessor’s Office at (804) 722-8629 or by email at email@example.com with any questions you may have about this transition or any other real estate assessment matter.
Thank you for your cooperation in making our process of converting to a Fiscal Year Land Book a smooth transition.