Following on the heels of Albemarle County’s assessments declining, the City of Charlottesville have announced their property assessments have declined as well.
In its annual review of Charlottesville properties, the City Assessor’s Office released figures that show the total value of property — including new construction — declined by .76 percent.
The decline reflects the challenges of the slowing real estate market.
The city has 12,820 taxable residential parcels, and approximately 54 percent will have a decline in value and 40 percent will not show a change, excluding improvements and new construction.
This is the first overall decline in City property value since 1976.
Here are some details of this year’s figures:
– Assessment for existing residential property declined in value by 2.19 percent.
– Assessments for existing commercial property declined in value by .34 percent.
– Combined existing residential and commercial property decreased in value by 1.55 percent.
– When new construction is added to the value of existing property, the total value of property in the city declined by .76 percent.
We’ve been doing this assessment dance in Charlottesville and Albemarle for quite some time.