How does the Commissioner of Revenue’s office come up with a value for my assessment?
Mass appraisal is a very complicated process. An accurate real estate property record database provides the foundation for the assessments. The first step is to narrow down a list of all the sales in the jurisdiction to a list of qualified sales. An unqualified sale such as a family sale, foreclosure, gift, or short sale would not be used for the purpose of mass appraisal because it would not indicate what a typical, well-informed purchaser would be willing to pay for a property. Qualified sales are analyzed by neighborhood, condition, construction details, and other factual features to determine base price per acre and square foot for particular types of properties in particular neighborhoods, or areas. Further adjustments are made based upon right of ways, water or golf views, etc. The value of the adjustments is made by further analyzing the qualified sales.

The above description is an over-simplified translation of a very complicated process. However, while it may seem like common sense, it helps to understand that individual properties are NOT assessed individually. Onsite inspections are conducted only to verify that real estate property records are accurate and up to date. Base price per acre and square foot amounts are determined by analyzing sales in given areas and are applied to like properties in given areas to determine a value after necessary adjustments are made for special conditions on the property.

Show All Answers

1. Why tax Real Property?
2. What is the difference between real and presonal property?
3. What is the difference between the sale price, an appraisal, and an assessment?
4. If I no longer own this property, what should I do with the notice?
5. Can I obtain a copy of my real estate assessment card?
6. If my taxes are paid through my mortgage escrow, do I have to do anything with this new assessment?
7. How will this affect my taxes?
8. Why does the Commissioner of Revenue’s office re-inspect my property even if nothing has changed?
9. Why do the assessors not schedule for an appointment to come inspect a property?
10. Why was my property not inspected this year?
11. Do assessors go inside the home during an inspection?
12. Do I have to allow the assessor on to my property?
13. What is a statutory assessment?
14. The reassessment process has always been overwhelming. Why should I expect this year to be any different?
15. How does the Commissioner of Revenue’s office come up with a value for my assessment?
16. If I just recently sold my home, isn’t that the fair market value?
17. Do all improvements the same age get the same amount of depreciation?
18. Do all New Kent County assessors use the same methods in assessing my home?
19. Why are some properties assessed higher or lower than what they sell for?
20. Why is my assessment changing?
21. How can a property be assessed for more than its purchase price?
22. How can my land value increase at a faster rate than my house?
23. Do all assessments change at the same rate?
24. What is a “Site” and how is it valued?
25. Why is the acreage of my property valued at a higher price per acre than my neighbor?
26. Why is the foundation of my home included in the assessment?
27. How can you tax an outbuilding that has no electricity and is not livable?
28. My house is under construction and only partially complete. Why are you not waiting until it is complete to assess me?
29. What if my new assessment is too high?
30. If my assessed value of my property goes down, will my taxes go down?
31. Why did I receive a prorated tax bill?
32. Is there tax relief for the elderly or disabled?
33. I live in a manufactured “mobile” home, what is the “Improvement Value” that I am taxed for?
34. What if I see a factual error on my property record card?