Real Estate Assessments
All assessments of real property are reviewed and reevaluated each year to
determine its value for tax purposes. The Assessor’s Office appraises all real
property, including land and structures, based on "fair market value".
Comparable properties are used to determine the estimate of value as well as to
maintain equity between similar properties.
The Assessor’s Office inspects, lists and determines values of all new
construction, including renovations and additions to existing structures.
Assessments are determined by applying accepted methods of valuation according
to the assessment and real estate appraisal profession. The appraisal staff uses
many types of information to determine value: 1) review past and present sales
prices of comparable properties to analyze sales trends in a neighborhood or
area, 2) review and revise building construction costs based on the fluctuating
market prices for materials, and 3) for income producing property, analyze the
operating/maintenance costs and rental rates to evaluate earnings.
By employing these methods, the staff adjusts prior year assessments to reflect
any changes in current fair market value. This type of appraisal is defined as
"mass appraisal" which as the term implies, is a method of appraising large
numbers of properties at one time by using certain techniques and methods of
assessment. Consideration is given so that uniformity and equity of valuation
may be achieved among all properties which are comparable.
All real property is reviewed annually. Property selling prices are important
indicators of value and are evaluated by appraisal staff throughout the year.
Any building permit activity resulting in a change for a particular property
will be verified and the property record will be updated accordingly to reflect
the new value.
A neighborhood review is performed annually in different areas of the city. The
appraisal staff verifies property listings to ensure that our records are
City of Portsmouth, Virginia ·
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Portsmouth City Hall · 801 Crawford Street · Portsmouth, VA 23704 ·