All real property in Roanoke County is subject to taxation, except those properties that are specifically tax exempt. Certain properties owned by the County, State, or Federal governments, or properties determined to be used for religious, charitable, educational purposes, and some cultural or recreational uses are considered non-taxable.
Roanoke County appraises all properties annually. Reassessment notices are sent to the property owners during the 1st week of January. The Code of Virginia 58.1-3201 requires that real estate assessments be at 100% of fair market value. The tax rate is determined in March of each year by the Board of Supervisors, after a careful review of the County's budgetary needs and public hearings have been held.
The appraisal staff is responsible for identifying, locating, and estimating the value of all properties within the County for tax purposes. The appraiser does not create value, citizens who buy and sell real estate in the open market are establishing values. The appraiser has the responsibility to evaluate these transactions and appraise your property equitably with similar surrounding properties. The appraisers may consider three approaches to value when making the appraisal to your property.
The three approaches are:
1. Sales approach
2. Cost approach
3. Income approach
Differences exist between individual properties and between neighborhoods. The sales in one area may indicate a substantial increase in value during a given period of time while another neighborhood may experience no change in value, or even a decrease in value. There may be different styles of properties within the same neighborhood which may experience different market demand. For example, colonial style homes may be in more demand than contemporary style homes. Additions, alterations, and demolitions may result in a change of value as well.
The appraiser is not responsible for the amount of taxes collected. The appraiser's primary responsibility is to estimate the market value of your property that ensures taxpayers pay only their fair share.