Frequently Asked Questions (FAQ’s)

  • Why do we have Property Tax?
    • The property tax is part of a well-balanced revenue system.  It is a more stable source of money than sales & income taxes because it does not fluctuate as much when communities have recessions. Properties are appraised so that those of us who want the advantages of having schools, fire & police protection, and other public benefits, can absorb our fair share of the cost, in proportion to the amount of money our individual properties are worth.
  • What authority does the city have to conduct a reassessment?
    • The Code of Virginia requires that all property be assessed for taxation at 100% of market value.  The City Code requires that all property be assessed on an annual basis (every year).   The City of Roanoke notifies property owners each January of assessed values.
  • What is the definition of Market Value?
    • Market value is defined, as the amount a typical, well-informed purchaser would be willing to pay for a property.  The seller and buyer must be unrelated; the seller must be willing, but not under any obligation to buy.  The property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property.  If all of these conditions are present, this would be a market value, arm’s length sale.
    • Finding the market value of your property involves discovering the price most people would pay for it in its present condition. This process involves researching sales information, sending out sales verification forms to the new owners, verifying information using the Roanoke Valley Association of Realtor’s MLS website and making inspections of the property to ensure all property characteristics are accurate and to identify the most recent trends.  The assessor then compiles the similar property type sales and compares the information against the assessments on those properties to determine whether adjustments to the assessments are warranted.
  • Why do assessed values change each reassessment?
    • Property values can change for many reasons. The most obvious are changes to the property itself, for example, an addition, garage, swimming pool or other improvements, or if the property is destroyed by flood or fire.
    • Additionally, property values change as a result of what other similar properties are selling for. When sale prices indicate new trends then the assessments need to reflect those changes. Buyers and Sellers dictate market value by their transactions in the marketplace. It is important to note that the assessor does not create this value. The assessor simply has the legal responsibility to study those transactions and appraise your property accordingly.
  • How can a change be made without an interior inspection?
    • In order to make the most accurate assessment on a property, it is desirable to see the inside and outside of the property. The City of Roanoke keeps records on physical characteristics for each property and makes every attempt to continually verify this information with the owners. Even though the assessor may not have been able to go inside your property, the assessment will still be reviewed, based on the existing records and sales of similar properties.
  • Do you have to let the assessor in when an inspection is requested?
    • No. However, when an interior inspection is not allowed, the assessor will attempt to update the records by looking at the outside of the property and using any other information available. To ensure an accurate assessment, it is to your advantage to allow the assessor inside your property if requested.
    • When reviewing properties where the owner is not at home, the assessor will leave an information request on your door, if information is needed. You may then call back to the assessor’s office with the information.
    • City of Roanoke Assessors will have proper identification at all times.
  • How can my assessment change if I haven't done anything to my property?
    • While improvements to property obviously bring changes in values, sometimes just general economic conditions can affect property values. Supply and demand and interest rates, inflation rates and changes in laws can influence the value of real estate. Those resulting value changes must be reflected in the assessments.
  • Why do some properties increase more than other properties?
    • There are differences between individual properties and between neighborhoods. One neighborhood may have sales that indicate a change in value, while sales in another may not reflect any change at all. Different types of properties within the same neighborhoods may also show different value changes. For example, one story houses may be in larger demand than two story houses, or vice versa. Older home values might rise slower than newer homes.
    • There are numerous factors to be considered by the assessor when reviewing property values, thus causing different areas and types of properties to change values at different rates.