Property Valuation
In Virginia, the assessed value of real property for tax purposes is typically:
AEqual to the appraised market value
BA percentage of the fair market value, varying by locality✓ Correct
CBased on the original purchase price only
DSet by VREB annually
Explanation
While Virginia law requires assessments at 100% of fair market value, some localities reassess less frequently and may have assessments somewhat below current market value. The assessment is used to calculate property taxes.
Related Virginia Property Valuation Questions
- A Virginia appraiser is appraising a historic property in Roanoke that is subject to historic preservation easements. This restriction would most likely:
- A Virginia property's highest and best use is the use that is:
- A Virginia appraiser determines that a comparable sale occurred under 'atypical motivation' — the seller was under severe financial distress. This sale is considered:
- Functional obsolescence in an appraisal refers to a loss in value due to:
- An appraiser in Richmond applies the cost approach to a 20-year-old warehouse. Total reproduction cost new is $800,000 and land value is $150,000. Depreciation is estimated at 25%. What is the value indication?
- A Virginia neighborhood is transitioning from primarily single-family to mixed-use. The appraisal principle that best describes this is:
- In the cost approach, 'replacement cost new' differs from 'reproduction cost new' in that:
- An appraiser in Virginia applies the 'paired sales analysis' technique to determine the market adjustment for a swimming pool. This means:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →