RADFORD – Per state code, the City of Radford is required to perform a general reassessment of real property every four years.
The general reassessment of real property for Radford City will be effective Jan. 1, 2024. The purpose of the general reassessment is to establish a property’s fair market value. The last general reassessment to establish fair market value was effective Jan. 1, 2020.
The reassessment process involves site visits by a team of assessors to each property throughout the City in order to view the property and verify information on the property data cards. These visits were conducted during 2023. Once the site visits are complete, the assessment firm will perform an in-depth market analysis of the most current sales data to determine the new fair market value of all real estate.
After the analysis is complete, a notice of the proposed 2024 valuation will be sent to all real estate property owners in mid to late Nov. 2023. There will be an appeal process following receipt of the updated assessments to provide property owners an opportunity to challenge the valuation.
Radford City is required to reassess all real property located in the City every four years per state code. As many of you are aware, the real estate market has increased significantly since the 2020 reassessment, resulting in much higher values. While this would lead most to expect real estate taxes to increase significantly as well, that may not be the case. The tax rate set by the city council during the budget process is what drives revenue/tax increases and ultimately determines what you pay, not the property value change to fair market value via the reassessment process. The purpose of the reassessment is not to generate more revenue, it is to redistribute the tax burden based on the value of your property.
The reassessment process is dictated by the Code of Virginia and the tax implication is designed to be almost revenue neutral.
City of Radford