Whoo-boy. Get ready folks for a whole flurry of news, blog posts, media coverage and general griping and hallelujah-ing, depending on the perspective.
I just got off the phone with the Albemarle County Assessor’s office; two properties’ assessed values in the the same subdivision in Albemarle dropped by approximately 9% and 10%, respectively. The ramifications will be far-reaching, from homeowner’s pockets to the County’s coffers.
The land values stayed the same; the drop in assessed values came from the improvements (the houses themselves).
One argument could be that the new assessments are more in line with where the true market value should have been for the past several years. Another is that they are still high. Yet another (and the one I have made and will continue to make) is that real estate assessments with regards to market value – are irrelevant.
Market value is the price that a ready, willing and able buyer will pay, and a seller will accept.
The website will be updated at the end of the month.
*Here’s my offer to property owners of Albemarle. If you feel that your assessed value is wrong, and you intend to challenge your real estate assessment, contact me and we’ll set up a meeting to discuss your options. As far as challenging your assessment, you’re on your own; but I will help you arm yourself with the right information.