The purpose of real estate assessments is to fairly distribute the necessary tax burden among all property owners based on the market value of their property. Real estate is assessed so that the costs associated with our schools, fire and police protection and other City services can be allocated to property owners in proportion to the market value of their individual properties. State statutes require all jurisdictions to assess real estate at market value and requires jurisdictions with a population of over 30,000 to reassess at least every two years.
City code requires annual assessments.
Assessments are based on the market value of property and are made independent of any resource requirements the City may have. However, the City has decided to engage in investment partnerships as a strategic approach to lessening the City's dependence on real estate taxes to pay for basic city services. As required by State statue the assessments are based upon market value. All cities in Hampton Roads reassess annually except Poquoson, which is biannual. I'm not sure how assessments are actually determined.