Why did/didn't my property value change?
The Assessor's Office does not set value. The citizens of the county determine value by creating the real estate market. Meticulous study and effort was made by the Assessor's Office to deliver an accurate and equitable assessment. Staff thoroughly reviewed every sale, both valid and invalid, from across the county. Current Realtor® listings were analyzed as well as foreclosures, short sales, and forced sales. Valuation models were developed from this data to calculate assessed values in an equitable manner.
The market value of real estate changes every year, regardless of whether a particular property is sold during the year. Assessed values can increase if specific improvements have been made to your property. If homes or land in your neighborhood are selling for more or less now than they did last year, then the assessed value may increase, decrease, or remain the same. Assessed values are compared to sales prices to determine the Assessment Ratio.
The Assessment Ratio measures the accuracy of the overall assessment. For example, Prince George County's 2016 assessment ratio, which is audited by the Virginia Department of Taxation, was approximately 97.6%. That means that the typical home sold in FY2017 had an assessed value approximately 2.4% lower than the sales price. Even though sales prices may have declined in your neighborhood, the assessed values may not change because the assessment ratio may be less than state mandated target of 100% of fair market value. Inversely, when the Assessment Ratio rises above 100%, assessed values are decreased in that specific neighborhood.
What if I have questions about my assessment, or believe it is incorrect?
Please contact the Real Estate Assessor's Office by calling (804) 722-8629, e-mailing us at firstname.lastname@example.org or visiting the office -- Suite 204 in the County Administration Building (6602 Courts Drive). The office is open between the hours of 8:30 am and 5:00 pm, Monday through Friday.
The Assessor's Office will try to answer any questions you have over the phone and send you a copy of your property record for your review. A copy of your property record can also be found by visiting the Online Assessments page of the Web site, which can also be used to review surrounding properties.
If you find any discrepancies or have additional questions, please contact us. By bringing to our attention any errors that the office has in its records regarding your property, the assessment process will be more accurate and equitable.
How are real estate taxes calculated?
The Fiscal Year 2020 (FY20) Land Book will be used to calculate the December 5, 2019 and June 5, 2020 Real Estate Tax Bills.
Real Estate tax rates are expressed in dollars per one hundred dollars of assessed value. The FY2018 (FY18) tax rate was $0.86 per $100 of assessed value. Taxes are calculated as follows:
|TAX RATE||X ASSESSMENT||= TAX|
Where can I get a copy of a deed or a plat for a parcel of land?
Records are kept in the record room in the Circuit Court Clerk's Office. You will need to have reference information on the property (i.e., property owner's name, tax parcel number of property or address of property, etc.) This information can be obtained by visiting the Prince George Assessor's Office or from the Online Real Estate Assessments site which can be accessed by clicking here.
What is an appraisal neighborhood?
The county is divided into 8 appraisal areas that are geographically similar. These areas correspond with the County's voting districts. District 1 includes areas 5, 6, 7, and 8; District 2 includes areas 1, 2, 3, and 4. Each appraisal area is then divided into appraisal neighborhoods. Appraisal neighborhoods can include subdivisions or geographic areas with similar influences. Your appraisal neighborhood can be found on your real estate assessment notice.
Will my real estate taxes go up if my assessment increases?
The Board of Supervisors determines the real estate tax for each tax year. Depending on the new tax rate, the amount of tax owed on your property may increase, remain the same or decrease.
Are there other appeal options?
Yes. If you are dissatisfied with the Assessor's Office's decision, you may file an appeal to the Board of Equalization. Information on how to make that appeal will be sent to you with your written notification. The next step above the Board of Equalization is an appeal to the Circuit Court, if you should so choose.
Why has my real estate assessment changed?
The County Assessor's Office has completed an extensive review of property sales during the last year and compared those sales to the properties' current assessed values. State law (VA Code 58.1-3201) requires jurisdictions to assess property at 100 percent of its fair market value. Our goal is to have accurate and equitable assessments that reflect true fair market value. Fair Market Value has been defined by the courts of Virginia to mean the price which it will bring when it is offered for sale by one who desires but is not obligated to sell it, and bought by one who is under no necessity of having it.
What if I want to appeal my assessment?
If you review your property record and feel that the assessment is inaccurate, exceeds market value, or is not equitable with similar properties, then fill out an appeal form. Appeal forms can be picked up in the Assessor's office, mailed or faxed to you, or downloaded from the Forms & Information page on the Assessor's section of the County's website. If the information presented indicates that a review is warranted, the property may be inspected and you will be notified in writing when the decision is made. Reviews may result in an increased assessment, a decreased assessment or no change.
Please check with the Assessor's Office to find out the deadline for appeals to be filed at (804) 722-8629.