Real Estate Assessments
All real property in Prince William County, except public service properties (operating railroads, interstate pipelines, and public utilities), is assessed annually by the Real Estate Assessments Office.
The Real Estate Assessments Office collects information regarding property descriptions, property sales, and other real estate market data. To ensure property descriptions are accurate, County appraisers periodically inspect properties to verify current data.
One or more of the following methods is used to value property:
- 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.
- 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 determines how much a similar lot would be worth if it were vacant.
- The Income Approach: Industry-derived figures are used to determine the income a property would generate and the cost to maintain and operate that property.
Real estate assessments are a matter of public record. Other public information is available at the real estate assessments office includes sales prices and dates, legal descriptions, descriptions of the land and buildings, and ownership information.
If you have questions about the real estate assessment process, please contact the Real Estate Assessments Office at 703-792-6780 or RealEstate@pwcgov.org.