Real Estate Reassessment- How it will affect the taxpayer.

Rockingham County is required by state law and code of Virginia (58.1-3201) to perform a general reassessment at least every 4 years based on population. This Virginia code was also amended to further stipulate that all property is to be assessed at the market value while establishing equalization. The values adopted were based on sales of properties similar in type, location, and constructions over the previous two to four years. The current reassessment will be in effect for 2010-2013.

Frequently asked questions:

Q: Who Conducts the Reassessment?

A: Rockingham County’s Commissioner of the Revenue office conducts the assessments in house. By not outsourcing the job, they save the taxpayers hundreds of thousands of dollars each reassessment period. This also keeps the work local.

Q: Does the Reassessment mean that my Real Estate taxes are going up?

A: Not necessarily. The Commissioner of the Revenue will establish taxable value on all properties. The Board of Supervisors will analyze the new assessed values and establish the tax rate needed to balance the budget.

Q: What is the assessment process?

A: The Commissioner of the Revenue values property using one of three different methods. Those methods are Sales, Cost, and Income approach. The assessor will determine which approach best establishes fair market value. How did the assessor value my property? The assessor uses the most recent sales available in your area/neighborhood to establish the current market value of your property.

Q: How can my property increase or decrease in value when I have not made any improvements?

A: The value of your property is a reflection of the real estate market over the past four years. If the sale price of similar properties has increased or decreased, the value of your property will subsequently increase or decrease as well.

Q: Why is my three acre tract valued at a higher rate per acre than my neighbor who has fifty acres?

A: Smaller tracts typically sell at a higher unit value than larger tracts. Example: A one acre house site may sell for $30,000 and has a unit value of $30,000 per acre. A 100 acre tract which sells for $300,000 has a unit value of $3,000 per acre.

Q: What will the new tax rates be?

A: The Board of Supervisors will determine the new tax rate at the beginning of each year when they establish the budget. The factors that contribute to this decision involve that of community need and values of reassessed property.

Q: When does the new reassessment go into effect?

A: The final assessed values will be used to calculate taxes for 2010 real estate tax year.

Q: If my taxes are paid through my mortgage escrow, do I have to do anything with this new assessment?

 A: No, the county will notify your mortgage escrow company.

Q: If I no longer own this property, what should I do with the notice?

 A: As a courtesy to the new owner we ask that you forward this notice to them or back to our office.

Q: May I obtain a copy of my real estate assessment card?

A: Yes, the Real Estate department can provide you with a copy of your property card, after the reassessment notices are mailed out.You may obtain this on location, from the website GIS BROWSER, email, or fax. 

Q: Is it possible to view my neighbor’s assessment?

A: Yes, all real property data is public knowledge. Land books containing information on all taxable property will be available for public use on site at the Real Estate office located within the Commissioner of the Revenue’s office.