Why does Portsmouth assess at "market value"?
The state code of Virginia requires that the Assessor’s Office assess all taxable real property at 100% fair market value.

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1. Why does Portsmouth assess at "market value"?
2. What is fair market value?
3. What affects market value?
4. How does the Assessor’s Office obtain information?
5. How is property value determined?
6. What if there are no recent sales in a neighborhood?
7. Why do assessments change each year?
8. What do some properties sell for more or less than their assessed value?