Using advanced mathematical and statistical procedures, price estimates and adjustments are then created based on a wide variety of property characteristics (such as size of the building, additions, location, condition, etc.). These estimates and adjustments are then used to calculate the respective fair market value of each property.
All assessment values throughout the city are rigorously tested and monitored, and any adjustments are made accordingly. We are a member jurisdiction of the International Association of Assessing Officers (IAAO) which helps us add layers of quality control with the latest and greatest in assessment practices and valuation techniques. We are held to strict compliance levels with respect to assessment accuracy, which helps us ensure fairness and equitability across valuations.
The value of a property can change during the course of the year for a number of reasons, such as demolition, fire, catastrophic damages, new construction (additions) and new improvements (buildings). The City of Norfolk has an established system of quarterly payments for real estate taxes beginning on July 1. Annual assessment notifications will be mailed out the first week of March. Supplemental assessments are authorized by the Code of Virginia §58.1-3291. The quarters are listed below.
First Quarter - July / August / September
Assessments effective July 1
Second Quarter - October / November / December
Assessments effective October 1
Third Quarter - January / February / March
Assessments effective January 1
Fourth Quarter - April / May / June
Assessments effective April 1
* As defined by the IAAO 2015 glossary
Examples of Sales That May be Disqualified