City of Portsmouth, Virginia - Office of The Real Estate Assessor

ASSESSMENT PROCEDURE AND REVIEW

Real Estate Assessments
All assessments of real property are reviewed and reevaluated each year to determine its value for tax purposes. The Assessor’s Office appraises all real property, including land and structures, based on "fair market value". Comparable properties are used to determine the estimate of value as well as to maintain equity between similar properties.
The Assessor’s Office inspects, lists and determines values of all new construction, including renovations and additions to existing structures.

Assessment Process
Assessments are determined by applying accepted methods of valuation according to the assessment and real estate appraisal profession. The appraisal staff uses many types of information to determine value: 1) review past and present sales prices of comparable properties to analyze sales trends in a neighborhood or area, 2) review and revise building construction costs based on the fluctuating market prices for materials, and 3) for income producing property, analyze the operating/maintenance costs and rental rates to evaluate earnings.
By employing these methods, the staff adjusts prior year assessments to reflect any changes in current fair market value. This type of appraisal is defined as "mass appraisal" which as the term implies, is a method of appraising large numbers of properties at one time by using certain techniques and methods of assessment. Consideration is given so that uniformity and equity of valuation may be achieved among all properties which are comparable.

Assessment Review
All real property is reviewed annually. Property selling prices are important indicators of value and are evaluated by appraisal staff throughout the year.
Any building permit activity resulting in a change for a particular property will be verified and the property record will be updated accordingly to reflect the new value.
A neighborhood review is performed annually in different areas of the city. The appraisal staff verifies property listings to ensure that our records are accurate.