The laws and ordinances under which real property is assessed are numerous; however, there are several legal requirements of real estate assessments in Gloucester County of which every property owner should be aware.
Real estate assessments are required by law to be at 100% of fair market value. The Virginia Supreme Court has provided the following definition of fair market value:
The fair market value of a property is the price which it will bring when it is offered for sale by one who desires, but is not obliged, to sell it, and is bought by one who is under no necessity of having it.
Real property in Gloucester County must be assessed biennially (every other year) starting January 1, 2010.
Real estate assessments are also required to be uniform on the same class of property.
The Department of Real Estate Assessments assesses all real property in Gloucester County, except the property of operating railroads, interstate pipelines, and public utilities.