What is reassessment?

Legally required by the Commonwealth of Virginia, reassessment is when up-to-date property values are determined for an entire locality or municipality. Updated values are determined through photographs, aerial images, and observations from a trained crew of property assessors. There are many complicated formulas and factors involved in determining and updating property values, which are kept by the Commissioner of the Revenue. Here is more detailed information about reassessment.

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1. What is reassessment?
2. What is the purpose of reassessment?
3. What real property is taxable?
4. What is fair market value?