City of Petersburg commercial property owners will soon receive a postcard communication from the City Assessor's Office requesting income and expense statements related to their income-producing property.
Virginia Code 58.1-3294 provides for assessors to gather income and expense information to develop fair and equitable assessments of income-producing properties, such as apartments, mobile home parks, hotels, office buildings, shopping centers, and self-storage units. "The use of current income and expense data for commercial properties is invaluable in developing fair and equitable assessments," says Brian Gordineer, Petersburg City Assessor. "Without businesses providing this information, city assessors will be required to make estimates, which may not accurately reflect net income.”
Producing accurate assessments during the general reassessment is beneficial to property owners and saves City resources by reducing the number of appeals.
Income and expense statements provided to the City Assessor's Office are confidential and not subject to the Freedom of Information Act (FOIA). City Hall is currently closed to visitors, so please contact the City Assessor’s office by phone or email.