About 1,000 Petersburg property owners to receive letter requesting income information

PETERSBURG, Va. (WRIC) -- Some commercial property owners in Petersburg will soon receive a letter from the City Assessor's Office requesting income-related information.

On Wednesday, May 14, the city announced that it is seeking property-related income and expense statements from about 1,000 commercial property owners.

Under the Code of Virginia, city assessors are allowed to request this information in relation to income-producing properties -- like hotels, retail stores, restaurants, office buildings and more -- in order to "develop fair and equitable assessments," per the city.

"The use of current income and expense data is invaluable in developing fair and equitable assessments," the city said. "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."

By having property owners report their own income and expenses, both said property owners and the city will benefit, the city said, as this process reduces the number of related appeals.

If you have any questions, you can reach out to the City Assessor's Office by phone at 804-733-2333 or via email at cityassessorsoffice@petersburg-va.org.