Real Property Assessment Services

Description

The Scope of Work shall include complete, uniform reassessment of all real property within the County, excluding public service properties, and including the inventory and valuation of all nontaxable (exempt) properties and the classification of all real property in accordance with State requirements. The value estimates in all cases shall be 100 percent of fair market value, as required by the State Code and statutes. The Courts of Virginia have defined fair market value as follows: “The fair market value of a property is the price which it will bring when offered for sale by one who desires, but is under no stress to sell and is bought by one who is under no undue necessity of buying, with both buyer and seller being knowledgeable of the uses to which the property is adaptable.” The Contractor shall establish the fair market value of each of the properties within the County. The Assessor shall insure that the practice of uniformity and equality are properly applied as required under the laws of the Commonwealth for each class of property. All aspects of the reassessment program shall be conducted in full accordance with the laws of the Commonwealth of Virginia.