Property Valuation
In Virginia, the assessed value of real property for tax purposes is determined by:
AThe VREB
BThe local commissioner of the revenue or assessor✓ Correct
CThe circuit court
DThe Virginia Department of Taxation
Explanation
In Virginia, real property is assessed by the local assessor or commissioner of the revenue. The locality uses the assessed value to calculate property tax bills.
Related Virginia Property Valuation Questions
- When reconciling value indications from multiple appraisal approaches, a Virginia appraiser should:
- A Virginia investor calculates the capitalization rate for a potential acquisition. If the cap rate is rising in the market, property values are generally:
- The appraisal principle of conformity in Virginia holds that:
- When a Virginia appraiser reconciles value indications from multiple approaches, they:
- Depreciation in real property appraisal refers to:
- When using the sales comparison approach in Virginia, an appraiser finds that a comparable property had a swimming pool but the subject does not. The appraiser should make a:
- The 'principle of anticipation' in Virginia real estate appraisal means value is based on:
- In Virginia, the correlation process in an appraisal report is the appraiser's:
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