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Legally required by the Commonwealth of Virginia, reassessment is when up-to-date property values are determined for an entire locality or municipality. Updated values are determined through photographs, aerial images, and observations from a trained crew of property assessors. There are many complicated formulas and factors involved in determining and updating property values, which are kept by the Commissioner of the Revenue. Here is more detailed information about reassessment.
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Required by law, periodic reassessments ensure that every property has an accurate and current fair market value. This value is used to calculate property taxes, which are the product of the assessed value and the tax rate.
The important thing to remember is why reassessment is both required by state law and important for local government and the taxpayers: The reassessment process ensures that the tax burden is distributed equitably and fairly. We want to make sure that some citizens don’t have a higher share of the tax burden than their property actually warrants, and we also don’t want to see citizens "fly under the radar" and avoid paying taxes on the actual value of their property. We will be sharing lots more information about the reassessment process in the coming weeks and months.
All real property in Pittsylvania County is subject to taxation except for properties that are specifically exempt through Article X § 6 of the Constitution of Virginia or property classified or designated as exempt under Section 58.1-3600. For example, property owned by the County, the State, or the Federal governments and property are non-taxable, and many properties used for religious, charitable, educational, cultural, or recreational uses are non-taxable.
Market value is the amount a typical, informed purchaser would be willing to pay for a property with the following conditions: