The Treasurer serves a four-year term at the will of the voters. This procedure is normally completed when the locality is preparing the total budget for the upcoming fiscal year. Personal property is assessed as of January 1 each year by the Commissioner of the Revenue, based on a pricing guide or a percent of the original cost. The assessment is based on vehicles in the taxpayer's possession and normally garaged, parked, or stored in the locality as of January 1. The Code of Virginia provides for the assessment of real estate taxes based on fair market value as established by the governing body.
All real property is subject to taxation unless it is specifically exempt.
Real Estate Taxes Real property is assessed as of January 1 each year by the Commissioner of the Revenue . Real estate is billed annually on December 5. Failure to receive a tax bill will not relieve you of the penalty and interest applied to all past due bills. We forward a tax bill to a mortgage company if the company requests it in writing at least 60 days before the payment is due . Senior Citizen and Disability Real Estate Tax Relief Your City government provides a tax relief program for the elderly, based on income and net worth.