Tag Archives: property taxes and shifting market values in Albemarle
Should Albemarle County sell Land?
This is an interesting conversation - Albemarle County, like virtually every locality in the nation, is facing ever-tighter budgets. They own about 91 acres that could be sold. Should they? Charlottesville Tomorrow has the story, the slides and the podcast.… Continue reading…
Assessments, property taxes and shifting market values in Albemarle County
- The title was just transferred to the relocation company for $1,259,847 and is currently assessed for $1,000,080.- The assessor is going to value it at $1,011,000.- Lot sales have shown that the land increased $40k in value and the house came down in value $10,000. Keep in mind that the property has been on the market for about a year.- All the comparable sales the appraiser used from 2007 were lot sales and there were no resales in this development.In short – land values increase and the improvements decreased.The majority of local government’s revenue comes from property taxes, and if governments aren’t able to depend on their annual raises, what are they/we going to do?Governments don’t budget the way the rest of us do – they determine how much they want and budget for that. And they’re not looking forward to pinching pennies.For the most part, they are seeing a flat assessment versus the last assessment period. They are seeing reductions here and there as well.There are already quite a few bills in the General Assembly addressing property taxes.
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