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Reassessment is the process of re-determining the value of property or land for tax purposes.
Periodic reassessments are required by law and are to insure that each property is valued fairly. The purpose of property tax reassessment is to realign the values of real property that are determined with values of other kinds of property that are assessed annually, such as personal property, utilities, and mobile homes.
As required by the Code of Virginia, King William County is conducting a general reassessment to be effective for January 1, 2021. King William County is required to reassess all real property at least every 4 years.
The Code of Virginia requires that all property be assessed at market value. This is the value used to calculate property taxes, which are the product of the assessed value and the tax rate.
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. Please remember that an increase/decrease in property value does not automatically mean an increase/decrease in your property taxes.
The last reassessment took place between 2014 and 2015. Those results went into effect on January 1, 2015. The 2015 reassessment encompassed over 11,000 parcels with a total value of more than $1.5 billion.
The professional appraisal firm, BrightMinds of Roanoke, Virginia has been retained by King William County to do new real estate value assessments of every property in the County.