Supplemental Assessments

1. Partial Assessments
2. New Construction, Improvements, Additions and Exempt Properties Becoming Taxable
3. Supplemental Notice

Partial Assessments

"Partial Assessments" represent the value of a new improvement on the January 1 date of assessment valuation. Partial assessments are authorized by the Code of Virginia § 58.1-3291. Property owners are notified of the addition of a partial assessment with a "Notice of Assessment Change" as part of the General Reassessment process.

New Construction, Improvements, Additions and Exempt Properties Becoming Taxable

When the new construction, addition or improvement is completed, or a tax exempt property becomes taxable, a "Supplemental Assessment" may be made. Supplemental assessments are authorized by the Code of Virginia § 58.1-3292. Supplemental assessments for new construction relate solely to the addition of value to the improvement value, whereas supplemental assessments for exempt property becoming taxable relates to the change in tax status of land and improvements.

Supplemental Notice

The supplemental assessment represents a pro rata portion of the value being added for the remaining months of the current tax billing year, or the portion of the year that the formerly exempt property has been taxable. A "Supplemental Assessment Notice" will inform the property owners of the additional amount being added to the improvement value since the current assessment valuation for January 1. Property owners may appeal a supplemental assessment within thirty (30) days of receiving their "Supplemental Assessment Notice."

Example

Example of Partial and Supplemental Assessments for New Construction
This example illustrates the assessment of a $200,000 building
being constructed over a two-year period on a $50,000 lot

In this example the house was 75 percent complete on January 1, 2010, so the partial assessment was $150,000. The house was completed in January 2011 which would create a supplemental assessment for the remaining months of the current year - February, March, April, May and June 2011. The added value for the completed building was $50,000. The added value is divided by twelve to get the additional monthly value of the completed house: In this case the monthly value is $4166: That additional monthly value is multiplied by the number of months the house was completed to get the supplemental assessment: $20,833 represents the supplemental assessment for the 5 months of February, March, April, May, and June. The current real estate tax rate of $1.04 per hundred dollars of assessed value is applied to the supplemental assessment and a bill is sent by the Treasurer‘s Office: The tax due on this supplemental assessment would be $212.50.