Charlottesville’s real estate assessments are down a bit in 2013; this is no surprise to anyone tracking the Charlottesville market. Every year brings the conversation about whether real estate assessments matter with respect to true market value â€¦ 2013 will be no different. I expect Albemarle County will be releasing their property assessments shortly. (they were out earlier than this last year) One of the biggest questions homeowners tend to have is this: is my assessment accurate? Should I challenge it?
– Assessment for existing residential property declined in value by 2.44%.
– Assessments for existing commercial property increased in value by 6.25%.
– Combined existing residential and commercial property increased in value by .61%. When new construction & re-classification are added to the value of existing property the total value of property in the City increased by 1.35%. â€¨
According to Charlottesville City Assessor Roosevelt Barbour, Jr., (RES), there was a decline in existing residential property values even though unit sales increased by 25%. The Assessor’s Office reviewed assessments and sales information within the City to determine the assessed value for tax year 2013. Reassessment notices will be mailed to all property owners on January 31, 2013. Virginia law requires cities to assess all properties annually.
Surely there is much more conversation to come about the City of Charlottesville and County of Albemarle real estate assessments, but in the meantime:
What do Real Estate Assessments Mean?
â€œAssessments are not a reflection of market value. They are a backward-looking assessment of what the market value may have been at the time the assessor looked at the house (most likely online, and not in person). The assessor may or may not know the condition of the property, the condition of the propertyâ€™s neighbors, may not consider the traffic noise, crime stats, proximity of sexual offenders, level of inventory, smell of the neighborhood, etc. etc. etc. Assessments are why you pay taxes on.â€
– January 2012 – Real Estate Assessments in the Charlottesville area â€“ Still Declining?
– December 2007 – Assessments, property taxes and shifting market values in Albemarle County