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Assessment Information for Property Owners

Assessment Information for Property Owners

Real Estate Assessment Overview

The County of Prince George assesses property annually. The County Assessor’s Office has completed an extensive review of property sales during the last year and compared those sales to the properties’ current assessed values. State law (VA Code 58.1-3201) requires jurisdictions to assess property at 100 percent of its fair market value. Our goal is to have accurate and equitable assessments that reflect true fair market value. Fair Market Value has been defined by the courts of Virginia to mean “the price which it will bring when it is offered for sale by one who desires but is not obligated to sell it, and is bought by one who is under no necessity of having it.”

The Assessor’s Office does not set value. The citizens of the county determine value by creating the real estate market.  Meticulous study and effort was made by the Assessor’s Office to deliver an accurate and equitable assessment. Staff thoroughly reviewed every sale, both valid and invalid, from across the county. Current Realtor® listings were analyzed, as well as foreclosures, bank owned (REO) sales, short sales, and forced sales. Valuation models were developed from this data to calculate assessed values in an equitable manner.

The market value of real estate changes every year, regardless of whether a particular property is sold during the year. Assessed values can also increase if specific improvements have been made to your property. If homes or land in your neighborhood are selling for more or less now than they did last year, then the assessed value may increase, decrease, or remain the same. Assessed values are compared to sales prices to determine the Assessment Ratio.

         For more information on the valuation processes typically used, please view the Commonwealth of Virginia's
                                                       Guide to Understanding Real Estate Assessment Values


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