Commercial Income and Expense Survey
To aid in valuing commercial property using the income approach, the Office of Reassessment collected income and expense information from various sources to assist in generating appropriate market capitalization rates. The most important of these sources is the local income and expense data. This data has been used to better estimate the value of the property utilizing an income approach, which is the preferred method by appraisal standards for valuing commercial and apartment properties.
All Multiple Family, and Commercial and Industrial properties currently assessed at $200,000 or more, and are not vacant land, were sent Commercial Income and Expense data surveys. All submitted information is strictly confidential and is not available to the public or FOIA requests.
As stipulated in the Code of Virginia, failure to provide the requested data shall "bar such owner or his representative from introducing into evidence, or using in any other manner, any of the required but not furnished income and expense information in any judicial action brought under Â§ 58.1-3984."
Income and expense request were not required when the following conditions were met:
- The property is owner occupied and not rented.
- You are part of an ownership group and occupy the property and the rent for the property is not based on market rent.
- You did not own the property prior to January 1, 2013.
To access these surveys, you must have Adobe Reader. Forms must be printed and signed then mailed or faxed.
Date Last Modified: 10/10/2013