Real estate taxes are assessed as of January 1st of each year by the Commissioner of the Revenue’s office. Real estate taxes are billed semi-annually and due on June 5th and December 5th of each year. A late payment penalty of 10 percent is added to the bill after the due date. The first day of the following month after the due date interest will begin to accrue at 10 percent annum. Failure to receive a tax bill does not relieve you of the penalty and interest charge applied to all past due bills. Please notify the Commissioner of the Revenue's Office at (540) 564-3067 if there is a change of ownership or billing address.
When You Purchase or Sell Real Estate
Under Virginia law, real estate is assessed for the entire year in the name of the owner as of January 1st of the year. The purchaser at a sale is required to see that the proceeds from the sale are applied at settlement to any taxes and levies assessed on the real estate. The liability is prorated between the buyer and the seller, but the lien which arises from a delinquency attaches to the land.
If you buy property, your closing attorney must ascertain that all taxes due are paid out at settlement. If you have sold the property referred to on the tax bill and another person is now the owner, please promptly forward the bill onto them. A delay on your part in this matter may cause the new owner to pay a penalty and interest for a late payment.
Real Estate Tax Relief Program For The Elderly
Rockingham County provides a tax relief program for the elderly based on income and net worth. This program is administered by the Commissioner of the Revenue, any questions pertaining to this program should be directed to (540) 564-3064. Applications must be filed by April 1.