Prince William County reassesses property annually, effective January 1st. 

When will I receive my 2012 real estate assessment notice?

Reassessment notices were mailed to property owners beginning February 29, 2012.

When will the Internet be updated with the 2012 assessments?

The Internet was updated with the 2012 assessments on Friday, February 24, 2012.

How is my property assessed?

In order to determine the value of a property, the Prince William County Assessments Office must first know what properties comparable to it are selling for, what it would cost to replace that property as of the date of the assessment, and what income a similar property would generate.  The Assessments Office can then use three methods to value a property:

1. The Sales Comparison Approach: The assessed value is based on recent sales of similar properties. Properties that have sold are analyzed and adjustments are made for differences such as size, condition, age, location, and interior and exterior amenities. 

2. The Cost Approach: Current materials, labor costs and depreciation rates are used to determine how much it would cost to replace a property. Also, the Assessments Office will determine how much a similar lot would be worth if it was vacant.
   

3. The Income Approach: The Assessments Office uses industry-derived income figures to determine how much income a property would generate and how much it would cost to maintain and operate that particular property.

Real estate assessments in Prince William County are effective as of January 1 of each year and are based on market information of the preceding year. State law requires that all properties in the County are assessed at 100% of their fair market value.