Charlottesville Assessments are Coming! Assessments are Coming! (2011 version)

Real estate property assessments will be released in the forthcoming days and weeks.

Real estate assessments are important. While I have long argued that they are often inconsistent with real market value, buyers look to them for guidance. Localities look to them for revenue, public schools look to them for the same.

2011 is going to be both interesting and important. A few questions that will lead to upcoming stories:

– Will assessments continue to decline?

– Will some pockets go up?

– Will you challenge yours? Should you? When should you challenge your assessment?

– What will happen to the property tax rates?

– Will governments cut back on spending?

As one assessor told me, property assessments are up, down and everywhere in between.

Albemarle County assessments will be released in the next few days.

The City of Charlottesville’s will be sent in the mail 31 January.

Fluvanna hasn’t reassessed.

Greene County sent theirs out in November – see their real estate assessments here.

Nelson County’s are under way. From the Nelson County Times:

Hickey said more than 28 percent of the total number of land parcels had been appraised as of Oct. 8 and that four field assessors were at work.

“Wintergreen and Stoney Creek are currently experiencing substantial decreases in values,” Hickey said. “The remainder of the county is also seeing a decrease in values. However, the level of decrease is minor in comparison to Wintergreen and Stoney Creek.”

Lousia County has a sweet new GIS system, further demonstrating that the City of Charlottesville’s lack thereof is inexcusable.

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