Property Assessments | Franklin County, VA (2024)


This information is intended only to provide a brief explanation of the major components of the Real Property Assessment process. Due to space limitations, only selective portions of the process have been included.

Purpose of Property Assessment

The Office of the Commissioner of the Revenue is responsible for administering the ad valorem tax system. An ad valorem tax is a tax levied based on the value of an item. For example: real property and personal property. Assessed values for real estate are set every four years by use of an appraisal system called a general reassessment. The purpose of the general reassessment is to bring assessed values in line with fair market value.

Property Reassessment Every Four Years

Franklin County is required by State Code to reassess real property every four years to bring values back to fair market value (58.1-3252). Failure to reassess real property as required will result in the county's share of State ABC profits being withheld by the State Comptroller (58.1-3259).

Fair Market Value

Real property must be assessed at 100% fair market value. According to the Supreme Court of Virginia, fair market value is defined as "the price which a property will bring when it is offered for sale by one who desires, but is not obligated, to sell, and is bought by one who is under no necessity to have it."

Taxes for Real Property

When you call the police or fire department, play in a park, send your children to public school, check out a book at the library, you are using services paid for by your property taxes. Property taxes are the largest source of local revenue to fund these services that you county on every day.

The Appraisal Process

Franklin County hires an independent firm to conduct the general reassessments. This firm conducts the assessment independent of the Board of Supervisors and the Commissioner of the Revenue.

Assessed Values Changes

There are many reasons for a change in property value; the most obvious reason is that real property usually appreciates in value over time and the purpose of a general reassessment is to measure that change and update the fair market value. The other reason is that some type of change has taken place i.e, adding a garage or deck, or the property has been damaged or destroyed. The appraiser in charge of analyzing data for a general reassessment does not create the value. Value is derived by analyzing all of the transactions in the market place. The assessor's legal responsibility is to determine the fair market value of the property and to ensure uniformity and equity among all properties.

Assessment Changes

The values for the general reassessment must be approved by the Real Estate Assessors and will be effective January 1 of the reassessment year. Once the assessed value is set, it will not change until the next general reassessment unless additional improvements are made or discovered.

Taxes Affected by Change

Typically, general reassessments are not meant to be a county-wide tax increase. This process aligns values with the market so people pay their fair share of taxes based upon value of ownership. Once the reassessment is complete, the county is required to equalize the tax rate, rendering the reassessment revenue-neutral. It is the responsibility of the Board of Supervisors to determine the budgetary needs of the county and after a public hearing, determine the tax rate necessary to effectively meet those needs.

Rights & Responsibilities

If there is a question about the property value after you receive a notice of reassessment, you may call the number listed on the notice and schedule a time to review the valuation. During general reassessment, there are three steps in the appeals process.

Appeal to the Real Estate Assessors

The first step is to appeal to the Real Estate Assessors employed by the County Board of Supervisors and they are responsible for reviewing questions regarding assessed value. Any request for change must be supported by reasons why assessed value is incorrectly represented, i.e, incorrect information about property or not equalized. Most issues are resolved at this stage.

Appeal to the Board of Equalization

If you are unable to resolve your issue with the Real Estate Assessors, the next step is to appeal to the Board of Equalization (BOE). Franklin County's BOE consists of 5 members who are appointed by the Circuit Court of Franklin County to determine if the assessed value is true to market value and equitable to similar properties. When filing a formal appeal, the burden is on the property owner to show that the assessor has erred in the appraisal by providing evidence that the appraised value does not reflect market value of uniformity. Evidence should consist of sales of comparable properties in the area or information on conditions of the property not previously known to the assessor. If the appeal is based on conditions of which the appraiser was unaware, adequate documentation is required to support the claim.

Appeal to the Circuit Court

If you disagree with the BOE's decision, the next level of appeal is to the Circuit Court of Franklin County. Appeals can also be made directly to the Circuit Court without appealing to the Real Estate Assessors and the BOE.

Neither the Real Estate Assessors nor the BOE is responsible for the amount of tax assessed after values are set. Again, the tax rate is set by the Board of Supervisors as a part of the budget process.

Property Assessments | Franklin County, VA (2024)


How often is property assessed in Virginia? ›

The Code of Virginia requires that all properties be assessed for taxation at 100% of market value. The same law requires cities to assess real estate annually or biannually.

What is the assessed value in Virginia? ›

Assessed value is determined by local assessors on regular two- to six-year cycles. By state law, cities are required to reassess every two years and counties every four years.

What is the personal property tax in the city of Franklin VA? ›

There is hereby imposed and levied by the City a tax of $4.50 per $100 on the assessed value of tangible personal property, with the exception of household furniture and effects which are not taxable.

What is a notice of assessment in Virginia? ›

In accordance with Section 58.1-3330 of the Code of Virginia, you are provided this notice as an official statement of the assessed value of your real property for local tax purposes. The real estate assessment represents the estimated fair market value of your property. This notice is not a tax bill.

What is the assessment ratio in Virginia? ›

Nominal and Effective Tax Rates

Table 3 provides the nominal and effective true tax rates for 2020 and 2021 for each locality. The 2021 median assessment/sales ratio for Virginia was 83.27%, a decrease from 87.02% in 2020.

At what age do you stop paying property taxes in Virginia? ›

However, most Virginia cities, counties, and towns offer some form of personal property tax relief to homeowners age 65 and older, and to homeowners with disabilities. This relief may be in the form of a tax exemption, tax deferral, or both, and we provide an overview of these types of benefits below.

How long can property taxes go unpaid in Virginia? ›

In most cases in Virginia, if your property taxes are delinquent on December 31 following the second anniversary of the due date, the locality can start a foreclosure on your home by filing a lawsuit in court seeking permission to sell the property.

How is property tax determined in Virginia? ›

The Virginia property tax rate is determined by the local government and varies by county. As of 2021, the average property tax rate in Virginia is 0.80%, which is lower than the national average of 1.07%. However, the exact tax rate for your property will depend on its assessed value and location.

What city has the highest property tax in Virginia? ›

Virginia Property Taxes

Virginia's property tax rates are average when compared with other states. Property taxes are assessed and collected at the local level. The median property tax in Virginia is $1,862. Falls Church City has the highest average property tax at $6,005, while Buchanan County has the lowest at $284.

How often do you pay personal property tax in Virginia? ›

Personal Property tax is due two times a year, on June 25th and December 5th. When a tax due date falls on a weekend, it automatically extends to the next business day. The personal property tax rate is 3.96% of assessed value for calendar year 2024.

Do all counties in VA have personal property tax? ›

All cities, counties and towns in Virginia have a personal property tax which helps fund local government. For Arlington County residents, the tax is assessed on all motor vehicles that are garaged (regularly parked) overnight in Arlington County per Arlington County Code § 27-11.1, including: Cars.

How do I check my personal property tax in Virginia? ›

You need the Virginia State's Division of Motor Vehicles website. How can I obtain information about personal property taxes? You can call the Personal Property Tax Division at (804) 501-4263 or visit the Department of Finance website .

What is the sales tax in Franklin County Virginia? ›

The Virginia state sales tax rate is currently 4.3%. The Franklin County sales tax rate is 1%.

How often are property taxes due in Virginia? ›

Real Estate tax bills are due in two installments on July 28 and December 5 of each calendar year.

How frequently property is assessed in USA? ›

Less frequent assessments shift the tax burden to newer homeowners and lower value properties. Currently, 37 states assess property at least once every 3 years, with 27 of those states assessing property annually. Some counties in PA do not reassess property at all (Paquin et al., 2020).

What is the Virginia Code 58.1 3201? ›

Virginia Code §58.1-3201 states: All real estate, except that exempted by law, shall be subject to such annual taxation as may be prescribed by law. All general reassessments or annual assessments, in those localities which have annual assessments of real estate, shall be made at 100% fair market value.

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