If I hadn't made any improvements to my property since 2020, why would my home be worth more and my assessment increase?

Over the past four years, homes, and other real estate locally and in other parts of the state and country have been selling for significantly higher prices. One reason for this increase is that there has been a shortage of homes for sale, also known as low inventory. When the supply of homes is lower, the demand is higher, which drives up prices for what is available. Other factors that have led to higher home prices include high labor/material costs and population shifts due to the pandemic.

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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?