The property tax is part of a well-balanced revenue system. It is a more stable source of money than sales and income taxes because it does not fluctuate as much when communities have recessions. When the community spends your tax dollars on better schools, parks, and so on, property values generally rise. The city of Roanoke notifies property owners each January of assessed values.
Annual assessments keep pace with changes in the market.
During a reassessment, all property values are examined and adjustments are made where necessary to guarantee that all property is assessed at market value. This is done to assure that taxes are distributed equitably and uniformly. Finding the market value of your property involves discovering the price most people would pay for it in its present condition. It's not quite that simple, however, because the assessor has to find what this value would be for every property, no matter how big or small. But the assessor's job doesn't stop there.