What is market value?

Market value is the most probable price that a willing and knowledgeable buyer and seller will agree to, assuming the transaction is a fair and normal sale with no undue pressure upon either party (such as a foreclosure). In other words, market value is how much something is worth in the current financial market. 

Show All Answers

1. What is reassessment?
2. Can I appeal my assessment?
3. Does Botetourt County offer tax relief for the elderly, disabled, veterans, farmers or others?
4. How is reassessment conducted?
5. Who conducts reassessments in Botetourt County?
6. When was the reassessment conducted?
7. What is market value?
8. What does reassessment have to do with the real estate taxes I pay?
9. If I hadn't made any improvements to my property since 2020, why would my home be worth more and my assessment increase?
10. When will I receive my 2024 general reassessment notice?
11. How do I pay my bill?