For Immediate Release May 14, 2025
Commercial Property Owners in Petersburg to Receive Letter From City Assessor
Approximately 1,000 City of Petersburg commercial property owners will soon receive a letter 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, hotels/motels, retail establishments, restaurants, office buildings, self-storage, and industrial buildings. The use of current income and expense data is invaluable in developing fair and equitable assessments. Without businesses providing this information, the Assessor’s Office would be forced to make estimates, which may not accurately reflect the actual net income associated with their property.
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).
Questions regarding the Income and Expense Survey should be directed to the City Assessor’s Office - cityassessorsoffice@petersburg-va.org or 804-733-2333.