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which when multiplied times the assessed value equals the sum which must be raised. So if the county. needs to raise $1 through real estate taxes, and the assessed value of all real estate is $1000, then the tax rate is 0.001. This rate is normally expressed as “cents per one-hundred dollars of assessed value.” In this example that would be $0.10 per $100 of assessed value.
For 2002, our tax rate was $.92 per $100 assessed value. This tax rate was based on the assessed value of property established by our last reassessment in 1997. Accordingly, no one’s taxes are increased simply by having the assessment on their property increased. At the same time, it would be hard for anyone to argue the value of their property has not gone up since 1997; tiie question is “How much?”
The Commonwealth of Virginia requires localities to conduct a general reassessment of real property at least every six years. In between these assessment “cycles” land values may go up or down, but in Rappahannock County, at least in recent times, they usually have gone up.
reassessed
The purpose of a reassessment is to establish the current fair market value of land so each person pays their fair share of taxes. How does the county go about doing this? After soliciting for bids, the county contracted with a company authorized by the Virginia Department of Taxation to conduct reassessments.
The winning bidder was Blue Ridge Appraisals, which has conducted the reassessWhy
propei
is
94.3%