Can I use current year sales or listings as a basis for my Review of Assessment or Appeal of Assessment?
A. Real property assessments in the City of Alexandria are conducted annually and under state law are required to have a January 1 effective date of each calendar year. Therefore, the valuation of real property is conducted using closed and recorded property transfers that occurred during the previous calendar year. This methodology was affirmed by a recent advisory opinion issued by the Virginia Attorney General which concluded that, “the sale of real property after January 1 does not impact real property assessments for the current tax year.” Therefore, it would be erroneous to use information subsequent to the effective date of valuation because it would reflect future market conditions that could not have been foreseen at the time of valuation. However, subsequent sales information may be used as evidence of the fair market value of the property during the annual assessment cycle that occurs after the date of the sale.
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