In Virginia, which government entity is primarily responsible for assessing real property for local tax purposes?
Correct Answer
B) The local commissioner of the revenue or assessor
In Virginia, real property is assessed for local taxation by the local commissioner of the revenue or, in many jurisdictions, a locally appointed assessor. Under Va. Code § 58.1-3201, real estate is assessed at 100% of fair market value by the local assessing officer. This is a local government function, not a state-level function.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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