Real estate assessments attempt to fairly distribute the necessary tax burden among all property owners based on the market value of their property. State statutes require all jurisdictions to assess real estate at market value and require jurisdictions with a population of over 30,000 to reassess at least every two years. City Code requires annual assessments (City Code of Ordinances, Chapter 30, Article III).
How is my assessment value determined?
Residential property is evaluated by comparing the resident's property to recent sale prices of similar properties that have sold near them. Variables such as age, size, quality, condition, location and amenities are important factors given consideration.
What is the definition of “Fair Market Value”?
Fair Market Value is defined as the price the property will bring when offered for sale by one who desires but is not obligated to sell and bought by one who is under no necessity of having that property.
What is the definition of a Foreclosure Sale?
A foreclosure sale is defined as the optional right of the mortgagee or lending institution to sell mortgaged property if the mortgagor fails to make payment, applying proceeds from the sale toward the outstanding debt.
What is the definition of a Short Sale/Deed in Lieu of Foreclosure?
A short sale takes place when the bank allows you to sell your property even though their mortgage won’t be paid. Be careful – the bank may allow the sale to go through, but only on the condition that you repay the deficiency. In a deed in lieu of foreclosure, the property is signed over to the bank in exchange for the bank giving up its rights against you. Why might a bank agree to either of these? Lenders spend $30,000 or more to foreclose on a property. Most lenders will consider these options to avoid foreclosure cost.
How can I calculate my Real Estate Taxes?
The amount of tax you pay is determined by the tax rate applied to your assessed value. The tax rate is set by City Council.
To determine the annual tax, divide your real estate assessment by 100 and multiply the answer by the tax rate. The result is your yearly tax amount. The current tax rate is $1.04 per $100 of assessed value, with an additional levy of $.01 for mosquito control. The result is an effective tax rate of $1.05 per $100 of assessed value.
What should I do if I find an error in my property description?
When should I be notified of my new Assessment and when will it take effect?
Property owners are notified by mail, the first week in March, when the property value has changed since the last March notification. The values indicated will take effect the next JULY for the new tax year.
Where can I obtain copies of deeds and plats?
Copies of deeds and plats can be purchased from the Clerk of Court located in the Chesapeake Circuit Court Building.
Does the City have a program to assist senior citizens and disabled persons on their property taxes?
Yes. City Council has adopted a program to assist qualifying individuals on both real estate and personal property taxes. We encourage qualifying senior citizens and disabled persons to take advantage of our tax exemption programs. For more information, contact the Commissioner of the Revenue Office at 757-382-6455.
City Hall Address:
306 Cedar Road
Chesapeake, VA 23322