From a press release from the County this morning … much more to come later … bolding mine.
Albemarle County is sending reassessment notices to taxpayers this week reflecting changes in property values resulting from the County’s recently completed annual reassessment. The 2010 reassessments show changes in residential and commercial property values resulting from a continued weakening of the economy being experienced locally as well as nationwide. Overall assessed values, excluding new construction, declined 3.18%.
This figure compares to a decrease of 2.59% for the previous reassessment period. Residents should be aware that the 3.18% decrease is the average for all types of property, and that the results for different property types may vary significantly from that number.
The reassessment showed a slight decline in the value of commercial property, which showed an average decrease of .64%. The average decrease for all residential property types was 3.96%.
The reassessment figure reflects the values of existing properties and does not include the value of new construction. New construction is valued at $129,565,800 for the reassessment period.
Virginia, unlike some other states, by Statute requires localities to assess property at 100% of fair market value, based on an objective analysis of the property’s fair market value,
independent of any influence on the part of the County or the County Board of Supervisors. Albemarle County continues to consistently rank among the most accurate jurisdictions in statewide Assessment/Sales Ratio studies conducted by the Virginia Department of Taxation.
The average annual reassessment changes for the magisterial districts are as follows:
Jack Jouett -4.30%
Samuel Miller -3.65 %
Scottsville -4.13 %
White Hall -3.19 %
Town of Scottsville -1.89 %
The new assessments will be reflected in the real estate bills which will be mailed in late April, 2010. County officials recommend that anyone who would like more information or who wishes to appeal their assessment to contact the Office of the Assessor in the Finance Department at (434) 296-5856. A list of Frequently Asked Questions is being sent to all property owners and will be available on the County website at www.albemarle.org beginning Monday, February 2.
There is a process in place to appeal disputed reassessments. As a first step, taxpayers are encouraged to contact the appraiser responsible for the valuation to insure the correctness of County records and to receive an explanation of the basis upon which the valuation was made. The deadline for requesting a review with the Assessor’s Office is February 27, 2010, and the Assessor’s Office recommends that citizens make an appointment. If a property owner does not receive satisfaction with this step, further appeal may be directed to the Board of Equalization, which is comprised of Albemarle County citizens who have completed training by the Virginia Department of Taxation and who meet on a regular basis.
Community Relations Director
Albemarle County, Virginia
(434)296-5841, ext. 3425 (office)
Jim- have you heard if city residents can expect a similar decrease or will it follow the path of previous years where values fluctuate from neighborhood to neighborhood? Thanks!
0.64% decline in commercial real estate values? Wow. The resale of Biscuit Run alone should justify a larger decline than that. I’m kidding of course, but that’s an extremely small deviation for commercial real estate ‘value’.