Change in Real Estate Tax Year

Starting in 2015, the City bills real estate taxes on the fiscal year, with the the first installment due on December 5 and the second installment due June 5. (If either date falls on a weekend, the due date is the next business day.)

Why Did the City Make This Change?


The City's budget is completed on a fiscal year basis and runs from July 1 each year to June 30 of the next year. (For example, FY2022 starts July 1, 2021 and ends June 30, 2022.)

The City Council voted unanimously for the ordinance, which makes the switch to fiscal year billing, in order to make the budgeting process more accurate each year. Many localities throughout Virginia follow the same philosophy. You can read the full text of the ordinance here. You can also learn more about the vote at the City Council meeting from 2015: watch the video or read the five-page staff report explaining why the change was needed.

Assessments


By State law, real estate assessments are done as of January 1 of each year.