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1. Who establishes the tax rate?

The Goochland County Board of Supervisors. The real estate tax rate is established each year after two separate public hearings have been held by the County Board of Supervisors – one hearing on the tax rate and one hearing on the budget.

2. How are real estate taxes calculated?

Real estate taxes are calculated by multiplying the property’s assessed value by the current rate. For example, if the tax rate is $.53 per $100 of assessed value and the property is assessed at $100,000, you multiply $100,000 by .0053, which gives you an annual tax of $530.

3. What is the effective date of annual assessments?

Annual Real Estate Assessments are effective January 1st of each year.

4. How do I know if my property assessment has changed?

On or before January 15th of each year assessment notices are mailed to all property owners. At that time, if a property owner has a question about their assessment, they can call or visit the Assessor’s Office. Staff is available to answer questions about the assessment.

5. Will home maintenance increase the assessment?

Generally speaking, no. However, repairs that materially enhance the value of the property or repairs that recapture a loss in value that previously resulted in a lower assessment will most likely result in an increased assessment.

6. I received a Supplemental Notice for new construction done on my property. How are the taxes calculated?

The new construction value and taxes are prorated from the Certificate of Occupancy date or fit for use date. These dates are issued by the Building Permit Department.

7. What is the Tuckahoe Creek Service District?

The Tuckahoe Creek Service District TCSD was formed by ordinance of the Board of Supervisors in May 2002 to provide public water and sewer services in that area of the County. To provide these services, in 2002 the County borrowed $62.7 million to move forward on this plan. This debt obligation is being paid off by an Ad Valorem tax and will not be paid off until 2042.

8. Are properties reassessed every year?

Property assessments are reviewed every year, but assessments are not necessarily changed every year.

9. Can I get a copy of a deed or plat from the Assessor’s Office?

No, deeds and plats are located at the Circuit Court Building located at 2938 River Road West. Building B- Circuit Court Clerk (804) 556-5353

10. How are real estate assessments determined?

Real estate assessments are based on the typical selling price of comparable properties and reflect the action of buyers and sellers in the local market. The Assessor’s office is responsible for reviewing market transactions and using the data to assess each property accordingly. Each year staff analyzes real estate transfers, of which the majority are residential properties. Additionally, transactions for previous years are examined. Sales information is gathered from recorded deeds, buyers, sellers, real estate professionals, and the selling prices are compared to the assessed value to determine an assessment/sales ratio. A neighborhood is selected for reassessment when its assessment/sales ratio is significantly below or above 100 percent. Once it is determined that an area must be reassessed, three valuation approaches, i.e., sales comparison, cost or income are considered. Typically, the sales comparison approach is chosen for residential properties. Comparable sales information is used as a basis for the assessment of individual properties after the transactions are carefully analyzed to consider differences in size, quality, condition, location and other amenities.

Due to the limited number of local commercial property transactions, regional and national information must be collected for analysis. Commercial properties are reassessed based on replacement cost data and market data, commercial potential rental income, occupancy levels and investor demands.