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Schools, law enforcement, fire protection, libraries, and other services are only a few of the amenities property taxes make possible.
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Reassessment is the process of re-determining the value of property or land for tax purposes.
Reassessments are required by law to insure that each property is valued fairly. As required by the Code of Virginia, the City of Hopewell conducted a general reassessment that will take effect on January 1, 2019. The Code of Virginia requires that all property is assessed at fair market value.
A reassessment will result in a new value being established for your property. This new value will replace the value currently on your property and will be the basis used for taxing property. An increase or decrease in property value does not automatically mean an increase or decrease in your property taxes.
The City is divided into smaller neighborhoods for market comparison. Each property is visited by a field inspector who verifies data and collects additional data. The field review is done with the homeowner if they are at home. Data collection is entered into the mass appraisal system and accuracy validated. Neighborhood sales, land values, yearly appreciation trends, and other data are analyzed throughout the process.
Field assessors had City-issued identification badges and cars using magnetic signs of the official City Seal. When property owners were not home at the time of the visit by the field assessor, a notice was left on the door saying the property has been inspected.
The most frequent cause of change in value results from a change in the market. When market value changes, so do the assessed values. A property’s value can also change for other reasons, such as additions, garages, remodeling, or damage or destruction.
Fair market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property, under the following conditions:
If all these conditions are present, this is considered a market value, or “arm’s length,” sale.
Compare your property's value with other comparable properties. You may look at properties of similar:
A property owner has the right to appeal their property tax assessment. The burden of proof, however, is always on the taxpayer to prove why they should have their assessment changed. Simply saying: "My assessment is too high (or low)" or "My property value went up but my neighbors' all went down" is not sufficient; an appeal must be substantiated. There may be factors involved of which an owner may be unaware. You may appeal by either submitting a written appeal or by scheduling a face-to-face hearing.
The following may happen on appeal:
Any appeals that are not resolved by the initial appeal hearing may be reviewed by the Board of Equalization.
A new appeal application must be submitted to the Board of Equalization in order for the Board to rule on the appeal.
The final appeal after the Board of Equalization would be to petition the City of Hopewell for judicial review. The Code of Virginia provides all property owners the opportunity to appeal an unfair reassessment through the Circuit Court system.
City of Hopewell300 N Main StreetHopewell, VA 23860Phone: 804-541-2200