Real Estate Assessments
Finding Your AssessmentIf you want to find out the assessed value of your property, you can use the Hanover County Parcel Search and Mapping Application feature to find your property and view the assessment information. You can search for properties by subdivision, parcel ID, mailing address or property address. The parcel and map data on the GIS website are updated monthly.
The Code of Virginia (Title 58.1-3201) states that real estate is to be assessed at 100% of fair market value. Fair market value is defined as the amount a property would likely sell for today if it were on the market for a reasonable time.
Understanding Your Assessment
The Assessment ProcessThe county assesses property annually in order to meet the state required ratio of 100% of market value as of January 1 of each year. We follow the standards of the International Association of Assessing Officers and the Code of Virginia in performing the annual assessments. The Department of Taxation monitors this process for compliance and accuracy.
How Assessments Are DeterminedThe real estate market determines property values. It is the responsibility of the Assessor's Office to review and analyze market data to assess each property appropriately. Sales information is gathered from recorded deeds, buyers, sellers, and real estate professionals and the assessed values are compared to the sales prices to determine if the assessments comply with the state required ratio of 100% of market value.
There are many reasons for a change in property values, such as an addition, fire, or a movement up or down in the market. The most frequent cause of a change in value is a change in the real estate market. An area is selected for reassessment when its median assessment/sales ratio is significantly below or above the state mandated 100% of fair market value.
Hanover County is a large jurisdiction that has a multitude of urban, suburban, and rural areas. Assessment areas vary from large acreage areas to small residential areas. An area is defined as the environment of a subject property that has a direct and immediate impact on its value. Similar properties are grouped together and area boundaries are established for the purpose of sales and assessment analysis.