Assessor's Office

Chief Assessor: John W. Nelms, Jr., RES, SRA

Deputy Real Estate Assessor: Richard W. Paul, CAE, SRA

Office Number: 804-365-6029
 

Function Of the Assessor's Office

The Code of Virginia (Title 58.1-3201) provides for the assessment of real property at 100% of fair market value.

Fair Market Value: The probable amount a property would sell for today if exposed to the market for a reasonable time.

Hanover County is on an annual assessment schedule and reassessment is necessary to equalize the value of real estate in order to meet and maintain the state required ratio of 100% of market value.  Hanover County follows the standards of the International Association of Assessing Officers and the Code of Virginia in performing the annual assessment process.  This annual assessment process is analyzed and monitored annually by the State Department of Taxation for compliance and accuracy.

NOTE: The most up-to-date assessment data is available on the Land Records & Mapping Data (GIS) website.

How Assessments Are Determined

Buyers and sellers, not the Assessor’s Office, establish value in the real estate market. The Assessor’s Office has the responsibility of reviewing the market transactions and using the market data to assess each property accordingly. Sales information is gathered from recorded deeds, buyers, sellers, and real estate professionals and the assessed values are compared to the sales prices to determine if the assessments are in compliance with the state required ratio of 100% of market value. There are many reasons for a change in property value such as an addition, fire, or a movement (up or down) in the market. The most frequent cause of a change in value is a change in the real estate market. An area is selected for reassessment when its median assessment/sales ratio is significantly below or above the state mandated 100 % of fair market value.