Commissioner of Revenue Assessment Process, Review & Notices
The Commissioner of Revenue's office assesses all real property, including land and improvements, based upon 100% of fair market value, § 58.1-3201. New Kent County follows the standards of the International Association of Assessing Offers and the code of Virginia in performing the biennial assessment process. Comparable properties are used to determine the estimate value as well as to maintain equity between similar properties. The Commissioner of Revenue's office inspects, lists, and determines values of all new construction, including renovations and additions to existing improvements.
Assessments are determined by applying accepted methods of valuation according to the assessment and real estate appraisal profession. The assessors review sale prices of comparable properties to analyze sales trends in a neighborhood or area.
The assessors adjust assessments to reflect any changes in current fair market value. This type of appraisal is defined as "mass appraisal" which as the term implies, is a method of appraising large numbers of properties at one time by using certain techniques and methods of assessment. Consideration is given so that uniformity and equity of valuation may be achieved among all properties which are comparable.
All real property is reviewed biennially. Property selling prices are important indicators of value and are evaluated by the assessors throughout the year. Any building permit activity resulting in a change for a particular property will be verified and the property record will be updated accordingly to reflect the new value. The assessors verify property listings to ensure accuracy with property records.
Assessment notices are mailed the beginning of each reassessment year to all owners of real property in New Kent County. The notices reflect the estimate of value as of January 1 of that reassessment year.