Why do assessments change from year to year?

When the market values in your neighborhood change, so does the assessed value. For instance, if homes in your area are selling at prices above their assessed values the assessments will likely increase. However, if homes in your area are selling below their assessed values they will likely decrease.

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1. Why are assessments determined annually?
2. Why does Charlottesville assess at fair market value?
3. What is fair market value?
4. How does the Assessor's Office obtain information on properties?
5. How are property values determined?
6. What if there are no recent sales on a certain street or block?
7. Why do assessments change from year to year?
8. Why are some properties assessed higher or lower than what they sell for?
9. How does a property owner appeal an assessment?
10. How is the tax rate determined?
11. Does the City offer any other programs for financial assistance?
12. What is the stormwater utility fee?