Properties are appraised so that some of the costs associated with providing services, such as public education, fire and police protection, roads and utilities, can be allocated to property owners in proportion to the market value of their individual properties. The Virginia Beach Assessor's Office is required by law to conduct an annual reassessment of all real estate in the city. Reassessment does not necessarily result in increased assessments for all properties. The assessment is a estimation of the sale price a property would bring if sold during the time period in which the assessment was made. All residential neighborhoods do not appreciate or depreciate at the same rate.
Commercial properties differ, as well, in how the market reacts to changing trends.
Generally, in a given fiscal year reassessment, there will be assessments that rise, fall or stay the same based on internal and external factors that influence property values. Reassessment is simply the process by which the assessed value of each property is updated to keep that value consistent with what the property is worth on the open market. This method compares your property to others that have sold. When using the sales comparison approach, the assessor considers and analyzes all available market data to arrive at a fair valuation of your property. Size, quality, condition, amenities, location and time of sale are some of the important factors given consideration.