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Home Buying in Ruthville : Real Estate Advice

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Bob Gasink…, Real Estate Pro in Williamsburg, VA
Tue May 28, 2013
Bob Gasink 757-291-2958 answered:
In Virginia, property is supposed to be assessed at its full market value. But assessors have to put values on properties they haven't actually seen on the inside, and they don't get to spend a lot of time thinking about each property individually, so assessments can be quite different from market values. Ideally, assessors are a little conservative, and of course an annual assessment cycle will always be a bit behind changing market price trends as well. So for several reasons it is logical that market prices should ultimately be the basis for assessments, and never the other way around. ... more
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