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If you are displaced from your home or business for more than thirty (30) days, you may be eligible for a Real Estate Tax abatement. If my home is destroyed or damaged due to a fire, hurricane or other fortuitous act how does it affect my assessment? Sales of similar properties must also be reviewed and analyzed to determine if a single sale is an accurate estimate of fair market value. One sale does not constitute market value. If a home recently sold for $295,000, is that the fair market value? Please notify us immediately should you identify or suspect an error in your property information by sending us an email to: 3. The Office of the Assessor of Real Estate strives to maintain accurate real estate records. The internet record shows incorrect data for my property. Real estate taxes are a major source of local funding for local services, such as public education, fire and police protection, roads and utilities. In Virginia, application of a real estate tax rate approved by the governing body, to real estate assessments, provides that the tax burden is equally distributed to all property owners in proportion to the fair market value of their real estate. Why are real estate assessments important? Youth, Education & Family Services - Teen Center.