What is the assessment cycle for real estate?
Why do assessed values change?
How is property assessed?
What is "Market Value”?
How often does Petersburg assess?
Does the assessor determine the tax rate and the real estate tax?
How can I calculate the tax on my assessed property?
Does Petersburg offer tax relief for the elderly or military veterans?
Does the city offer real estate tax relief for disabled veterans?
My house wasn’t complete on July 1st, how was it valued?
What if I change my address?
How can I change the ownership on my property?
Why do I have an imporvement value on my tax bill?
Does Petersburghave a GIS site?

The assessment cycle is the City’s fiscal year which runs from July 1 through June 30.

When market values change, so does assessed value. For instance, if you added a garage to your home, the assessed value would increase. Property in poor repair decreases in value.

Virginia Law requires property assessments to be based on fair market value. Estimating the market value of your property is a matter of determining the price a typical buyer would pay for it in its present condition. Some factors the Assessor considers are: what properties similar to it are selling for in the current market, what it would cost to replace it using current material and labor costs, how much it takes to operate and keep it in repair, what rent it may earn, and other factors that may affect its value.
The assessor does not create the value. PEOPLE MAKE VALUE by their transactions in the marketplace. The assessor has the legal responsibility to study transactions and appraise your property accordingly.

The amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property.

Petersburg conducts a city wide general re-assessment every year. Detailed inspections are conducted for new construction, alterations, or upon request of the property owner.

No. The real estate tax rate is determined each year by the Petersburg City Council.

Divide the assessed value by 100, then multiply by the tax rate.


Yes, Veterans must be Service Connected, Totally and Permanently Disabled.

All property in Petersburg are valued as it exists on July 1st of the current fiscal year. If a structure is not fully built on that date, a partial value reflecting the percentage of completion is used.

It is the responsibility of the property owner to notify the Assessor’s Office in writing of any change in mailing address.

The title on property can be changed via a recorded deed. The Assessor’s Office is an "office of record,” which means changes in ownership or property boundaries are done based on recorded deeds, surveys, subdivision plats, and other documents pertaining to ownership. Deeds must be recorded at the Clerk’s Office before the Assessor’s records can be modified to reflect any changes.

Improvement is the terminology used to identify any existing or new structure on the property.

Does Petersburg have a GIS site?
Yes. The address for the site is http://petersburggis.timmons.com/
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