Property owners in the City of Martinsville have begun receiving notices of their updated real estate assessments, as required by state law. Reassessment notices were mailed on Feb. 27. Under state statutes, assessors in the commissioner of the revenue’s office reassess all city properties every two years.
The reassessment aims to establish fair market values for all properties within the city. This does not mean that every property will have the same value, but similar properties will be assessed comparably based on real estate market trends over the past two years. The goal of this uniform process is to ensure that when the city council sets the tax rate as part of the annual budget process, the tax burden is evenly distributed among property owners.
Assessors do not determine property value; instead, the market dictates it through real estate transactions. Assessors analyze sales data, replacement costs, potential property income, depreciation, and location to establish fair market value.
Receiving a reassessment notice does not mean a property owner’s taxes will increase. The notice explicitly states that only the city council has the authority to set tax rates. City administrators will use the reassessment values in preparing the annual budget.
Public hearings on the real estate tax rate will be scheduled after the city manager presents the proposed budget. Notices of these hearings will be advertised in local media before the scheduled dates.
Property owners who believe their reassessment does not accurately reflect fair market value are encouraged to schedule a review with the assessors. The review period runs from March 3 through March 31.
Reassessment information is available online at Martinsville Real Estate Assessments, https://www.martinsville-va.gov/311/Real-Estate-Assessments, or by calling the real estate assessors’ office at (276) 403-5136 or (276) 403-5336.
Reassessment values will not be finalized until the Board of Equalization completes its review by May 15. The final reassessed values will take effect July 1 and will be used to calculate real estate tax bills due Dec. 5.
