Menu

Property Tax Resources

31 minutes reading time (6170 words)

Virginia Property Tax Updates

UPDATED december 2020

Virginia Property Tax Liability Likely to Increase

With most Virginia jurisdictions in the midst of finalizing their 2021 assessments, municipal budget woes precipitated by COVID-19 are likely to result in a higher real estate tax burden for Virginia property owners in the coming year.

While most of the large Virginia jurisdictions delayed projected tax rate increases in 2020 as a result of the Coronavirus lockdowns, the most recent budget forecasting sessions have emphasized the rising costs of programs and services.  With retail vacancies projected to see significant increases and office and multi-family rents flat to declining, most jurisdictions are looking at projected revenue that is not sufficient to cover existing debt service, compensation and prior commitments, even before addressing any further priorities.

For real estate tax purposes, this is likely to result in assessors relying upon atypical transactions to draw broad market conclusions in order to justify above-market assessments for specific properties.  Combining this valuation approach with the likelihood of tax rate increases, results in an increase in tax liability for many owners. 

For guidance on your specific property, please do not hesitate to contact us.

Ilene Baxt Boorman
Mark Rogers
Wilkes Artis, Chtd.

American Property Tax Counsel (APTC)

Utah Property Tax Updates
Washington Property Tax Updates

American Property Tax Counsel

Recent Published Property Tax Articles

Mall Redevelopment Projects Have Unique Property Tax Implications

Legal covenants often cause excessive property taxation for mall owners that are looking to redevelop.

The repurposing of malls and anchor stores is a popular topic in community development circles, but legal restrictions make redevelopment extremely difficult. Often locked into their original use by covenants, malls and anchor stores are often...

Read more

Falling Building Values Spur Tax Appeals

J. Kieran Jennings was quoted in the December 14 digital issue of the Wall Street Journal's Property Report, Page B6, titled, "Falling Building Values Spur Tax Appeals." 

Mr. Jennings is a partner in the law firm Siegel Jennings Co., L.P.A, the Ohio, Illinois and Western Pennsylvania member of American Property Tax Counsel...

Read more

Texas’ Rollback Tax is a Potential Dealbreaker

Land use changes can subject unwary landowners and developers to massive property tax bills.

For real estate developers in Texas, the purchase and development commencement dates on a land project may have heavy tax implications that could make or break a deal.

Agricultural Exemptions

The Texas Property Tax Code allows some landowners...

Read more

Member Spotlight

Members

Forgot your password? / Forgot your username?