The Division of Real Estate is responsible for valuing all real property in the City of Hopewell in a fair and equitable manner. Virginia Code §58.1-3201 requires jurisdictions to assess property at 100 percent of its fair market value. A Biennial Reassessment is conducted every two years, after analyzing the local sales of real property for the previous two years. The reassessment becomes effective January 1 of the given year, i.e. property reassessed in 2014 becomes effective January 1, 2015.
Other responsibilities of the Division Real Estate are to maintain ownership records, value new construction, administer laws pertaining to real estate assessments and exemptions, and provide an annual land book.
It is the duty of the assessor every year to prepare a land book with the ownership information and taxes levied on each taxable parcel in the City of Hopewell. Also, an exempt book is generated listing all of the properties in the City of Hopewell that are exempt from taxation. The assessor shall certify both books and make them available to the public.