DisclaimerThis information is intended only to provide a brief explanation of the major components of the Real Property Assessment process. Due to space limitations, only selective portions of the process have been included.Purpose of Property AssessmentThe Office of the Commissioner of the Revenue is responsible for administering the ad valorem tax system. An ad valorem tax is a tax levied based on the value of an item. For example: real property and personal property. Assessed values for real estate are set every four years by use of an appraisal system called a general reassessment. The purpose of the general reassessment is to bring assessed values in line with fair market value.Property Reassessment Every Four YearsFranklin County is required by State Code to reassess real property every four years to bring values back to fair market value (58.1-3252). Failure to reassess real property as required will result in the county's share of State ABC profits being withheld by the State C...
