A reassessment is the process by which the assessed value of real estate property is revised to keep the value consistent with what the property is worth on the open market, and to assess properties fairly in comparison to each other.

Why reassess?
It is required by Code of Virginia § 58.1-3252:
There shall be a general reassessment of real estate every four years.  Any county which, however, has a total population of 50,000 or less may elect by majority vote of its board of supervisors to conduct its general reassessments at either five-year or six-year intervals.  Nothing in this section shall affect the power of any county to use the annual or biennial assessment method as authorized by law.

Property’s assessments are intended to reflect market values at the time of reassessment.  Between reassessment periods market values change.  The value changes may happen for a variety of reasons:  appreciation and value declines (i.e., equalization changes); structural changes (additions, remodeling), re-zonings, and land divisions (i.e., growth).  A combination of these factors can apply to the same property.  Reassessments are intended to restore equity within the county so that values are at a uniform percentage of market value.

Why reassess now?
Based on Fauquier County's current population, the Code of Virginia requires Fauquier County to reassess a minimum of every 4 years. The prior reassessment went into effect on January 1, 2018. The results of the current reassessment takes effect January 1, 2022 and will be in effect through December 31, 2025.

An appraiser will arrive at your property in a vehicle clearly marked as “County Reassessment” and will have an official identification badges issued by Fauquier County.  Upon arrival, the appraiser will approach your house for an introduction.  They will briefly explain their purpose for being at your property, and how they would like to conduct the inspection. The appraiser will not come into your house. 

The appraiser may conduct a brief interview with you asking questions such as

• How many bedrooms and baths are there in the house?
• What type of flooring do you have?
• How old is the house?
• Have any additions been built?
• Has there been any remodeling done?
• Have you recently purchased the property?
  (If the property has been recently purchased, the appraiser may ask sales related questions.)

After speaking with you, the appraiser will measure and inspect the exterior property, and document any changes that have been made since the last property assessment. They will also take pictures of the front and back of your residence, and may take pictures of any additional structures on the property. Pictures serve as proof that an appraiser inspected your property, and as visuals aids if you have a hearing.

If no one is at home, the appraiser will proceed with the inspection of your property.  At the end of the inspection, they will leave a door hanger stating that they have been to your property, and whether they need further information about the property.  Contact information is provided on the hanger.

• Sales Price
  Actual amount paid by a buyer for a property or group of properties.
  
  
• Appraisal
  Detailed private sector single-property valuation obtained anytime throughout the year.  It can be used for a wide range of purposes such as a mortgage, plan to sell, home equity loan, or estate valuation.  An internal inspection and a complete individual market analysis of the subject property and comparable sold properties are generally required.  Equity within a neighborhood is not considered.
  
  
• Assessment
  Mass appraisal of property for tax purposes in which properties are valued by analyzing the property sales within defined like areas and by applying those values to homes similar to the ones that sold.   In Fauquier County, approximately 34,250 parcels will be reviewed and assessed during a 12-18 month period. Equity is a primary consideration.

Mass appraisal techniques are used to value similar groups of commercial, industrial, residential, agricultural, or other properties.  When grouping similar properties, the appraisers take into consideration such things as comparable sales, rental income/expense information, location, condition, and economic factors.  Sales information is gathered from recorded deeds, buyers, sellers, real estate professionals, and the selling prices are compared to the assessed values to determine an assessment/sales ratio.  Property values are adjusted to match current market and cost data in an equitable manner.

This is where the assessed value is based on the reasonably probable use that produces the highest property value. Highest and best use assumes only those uses which are legally, physically, and financially feasible for the property – and may or may not be the current use of the property. For example, if a residence is located in a commercially zoned area and the value as a commercial property in that area exceeds the value of a residential property in that same area, then the overall highest and best use of the property would be as a commercial property.

A “Home Site” is all or part of a parcel that is best suited for single family residential construction. Applying the concept of “highest and best use”, this part of the land parcel is worth significantly more than the residual acreage. Properties of 20 acres or less are each assessed with a 1 acre or less home site (unless the property is unbuildable or landlocked, or the existing home is large enough to require more than 1 acre). Home site values are generally uniform within a neighborhood (areas with similar characteristics), assuming land parcels to be similar in size.

As an example, if a citizen owns a ¼ acre lot, and this is the approximate standard lot size within the neighborhood, then all home site assessments within that neighborhood are likely to be uniform. However, if most properties within the neighborhood have 1 acre home sites, and one property has only a ¼ acre lot, the ¼ acre lot will be assessed as home site with a lower assessed value than the larger 1 acre home sites.

It is worth noting that the differential in size between the standard home site does not usually equate to the same differential in assessment. For example, if a parcel within a neighborhood is 25% larger than all the other parcels in the neighborhood, that parcel will not usually be assessed 25% higher than other parcels in the neighborhood.

Once a home site value is assessed, the residual acreage (any acreage over and above the home site) is assigned a per-acre value—this is also uniform among similar locations. The values assigned for home sites and residual acreage are based on a sales-ratio analysis performed during the reassessment process. The outcome of this analysis establishes the baseline market values.

Although home site values tend to be standard within a neighborhood, other considerations such as topography, location, or accessibility can contribute to variations in individual home site valuations.

Unlike most single family residential property, commercial property is often rented out by the owners and operated as an investment. For this reason, commercial and multifamily real estate is often marketed as investment property. Investors will weigh the income potential, vacancy rates, risk levels and expenses to operate the property as a rental to determine what they should pay for the property and still earn a rate of return that is competitive with other types of investments in the current market.

While the appraisal of residential real estate relies most heavily on cost and the market approaches to determine value, the appraisal of commercial real estate relies on cost, market, and income approaches with the income approach often given the most weight. The income approach considers the ability of the property to earn income through rents, taking into account the operating expenses and allowing for vacancy and collection losses. The resulting net operating income is then capitalized into value with an appropriate rate to achieve a fair market value estimate. Collecting this information from a broad range of commercial properties enables the Reassessment Office to have a more accurate picture of the rental market, including typical expense and vacancy rates, for each type of commercial property.

Pursuant to authorization derived from Section 58.1-3294 of the Code of Virginia, the Fauquier County Reassessment Office requests that owners of income-producing real estate to furnish statements of the income and expenses attributable to the real estate. Owners not furnishing requested income and expense information cannot use income as a basis of appeal of the assessment until the next general reassessment.

In accordance with Title 58.1-3 of the Code of Virginia, income and expense information obtained for assessment purposes is considered proprietary and held in strict confidentiality. This data is not shared with anyone from the general public other than the submitting property owner and their authorized representatives.

This is basically a matter of volume.  As acreage increases the cost per acreage decreases.  Conversely, as acreage decreases the value of the land generally increases.  Home site values represent fixed costs and as such increase the per acre of smaller tracts exponentially.

A manufactured "mobile" home used as a dwelling and titled with the Division of Motor Vehicles (DMV) is assessed as personal property and taxed at the real estate rate.

A manufactured "mobile" home used as a dwelling and converted to real estate by turning in the title to the DMV is assessed as real estate and taxed as the real estate as long as the land owner and the manufactured home owner are the same. 

A manufactured "mobile" home used as an accessory structure and has permanence, i.e., foundation or improvement(s) built around it or utilities attached, may be assessed as real estate, otherwise it is personal property and taxed as real estate.

The land on which the structure is resides and any improvements to the structure, i.e. porches, decks, paved driveways, fences, etc are assessed and tax as real estate.  

The term “improvement” refers constructed items and/or structures which improve the real estate. These include buildings, paving, pools, barns, towers, etc. that are physically located on the property. It does not refer to upgrades of constructed items and/or structures.

Real estate may be assessed for more or less than the purchase price because the assessment reflects "fair market value." Values change and the property value may have gone up or down since the purchase. This is especially true if a piece of real estate was purchased several years ago, or if a person happened to get a good buy because of a distress sale condition.

In addition, it should be noted the Fauquier County reassesses every 4 years. Beginning in 2026, we will move to a two (2) year reassessment cycle.  This means that if a property is purchased between assessments, the assessed value is the value determined at the time of the last reassessment, not at the time of the sale. In addition, if there is new construction done between assessments, the assessment of the new construction is based on the values determined in the last reassessment, not current values. This keeps assessments equitable throughout the County since everyone is assessed based on the same assessment year.

The Constitution of Virginia requires real estate assessments to represent fair market value. There is no provision to limit the amount of change from one reassessment cycle to the next.

A reassessment does not necessarily result in increased or decreased assessments for all properties as properties do not appreciate or depreciate at the same rate.  In a given cycle, there will be assessments that rise, fall, or stay the same, based on internal and external factors that influence property values such as location; appreciation; depreciation; new construction; remodeling; or rezoning.

Real estate property taxes are determined by applying the tax rates against each $100 of taxable assessed property value.  To know if taxes will go up or down, both the assessed property value and the tax rate must be known.

The Reassessment Office determines the fair market real estate value which goes into effect January 1, 2026.

Real estate taxes for the 2026 reassessment are not determined until the County Board of Supervisors sets the annual tax rate at the end of March/beginning of April in 2026. 

Tax rates in Fauquier County are expressed in dollars per one hundred dollars of taxable assessed value.  For example, if the total real estate tax rate was $0.967 cents per $100.00, this would result in a real estate tax of $2,417.50 on a property with a taxable assessed value of $250,000.

Note:  In the years between reassessments, the Office of the Commissioner of the Revenue maintains the assessment data.  Unless there is a change such as boundary adjustment, division of property, change in zoning, court orders, or new construction, these assessed values remain in effect for two years.  To maintain equity, changes occurring between reassessments are assessed using values determined by the last reassessment.

All mail is sent to the current real estate owner of record. Mailing address information is managed by the Commission of the Revenue. To verify your mailing address, you can check www.actDataScout.com.  If the listed mailing address is not your current mailing address, see below for How do I correct my mailing address?

If you need to update your mailing address, you must contact the Commissioner of the Revenue. Changes will be reflected in actDataScout the day after the change is made. All data is verified before a change is made.