Income and Expense Survey

SUBMISSION DEADLINE:

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In accordance with Va. Code § 58.1-3201, this office is required to conduct a general reassessment annually of all real estate in the county. To assist us in performing a fair and equitable appraisal, we are formally requesting an income and operating expense statement from the previous calendar year. If you recently purchased the property and don’t have the previous year’s statement, please return the current rent roll. Additionally, we ask that you bring to our attention any additional information you feel may influence the value of this property.

The providing of income and expense information when requested is outlined in Va. Code § 58.1-3294. This section, in part, states the following: Any…real estate assessor…may require that the owners of income-producing real estate…furnish…on or before a time specified…statements of the income and expenses attributable over a specified period of time to each such parcel of real estate…The failure…to furnish a statement of income and expenses as required by this section shall bar such owner…from introducing into evidence, or using in any other manner, any of the required but not furnished income and expense information in any judicial action brought under § 58.1-3984.

The owner shall certify each statement as to its accuracy. The information you furnish is required by law to be kept confidential and will be used only to help establish economic income and expense levels. It will not be filed with the property record cards or exposed for inspection by the public.

Your cooperation and prompt response to the request is greatly appreciated. However, an extension of up to 90 days may be granted upon written request. If you have any questions, please call the Real Estate Assessment office at (804) 748-1321.