Margaret owns a single-family home in Fairfax County, Virginia. She believes the county's assessed value of her home is significantly higher than its current market value. Which of the following is the correct first step for Margaret to challenge the assessment in Virginia?
Correct Answer
B) File an appeal with the local board of equalization or assessor's office
Under Va. Code § 58.1-3379 and § 58.1-3984, a property owner who believes their assessment is incorrect must first appeal administratively to the local board of equalization or the local assessing officer before pursuing further remedies. This administrative appeal is the required first step in Virginia's property tax appeal process.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
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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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