Explanation should include
- influence of schools
- local budget considerations
- improvements in the community
- influence of places of worship
- a fluctuating real estate market
- job availability
- area demographics.
DPOR correlations: 18VAC135-20-400. 2 (Real estate market and analysis); 18VAC135-20-400. 13 (Taxes in real estate)
Process/Skill Questions:
- How does a taxing district’s adoption of an annual budget impact real estate taxes?
- How does the need for new schools influence a locality's need to increase taxes?
- How are taxes levied on real estate determined?
- What entities are granted exemptions from real estate taxes?
- How do changes in the market affect taxation rates?
- What are the factors that affect changes in real estate assessments?
- When do assessments take place and by whom?