Albemarle County Real Estate Tax Assessments are Out

Title edit: when I posted this this morning, assessments weren’t out. Now (3:45 7 February) I just received the press release from the County. Click through to read the whole thing. (but they’re still late 🙂 )

I don’t know that there’s a “must have these sent by X date” for the release of the Albemarle County real estate tax assessments, but over the past few years, Albemarle assessments have been released by the end of January.

In 2012, I noted the new assessments on 27 January; many (most) property values had declined. I’m thinking that 2013 is going to show a measured response – anywhere from 3% down to 1.5% up.

In 2011, I wrote about the newly-released assessments on 29 January.

In 2010, reassessment notices were send on 28 January.

In 2008, we were talking about them being mailed on the 25th …

5 Reasons why real estate assessments matter:

1) The County bases their budget on property tax revenue.

2) The assessed value is the value upon which property owners pay taxes.

3) Buyers look at assessed values as a measure of market value … but really, it’s a point in the equation, but are neither a definitive point nor a necessarily accurate one.

4) Also – “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…”

5) Sellers look at assessed values and wonder if buyers will think that the assessment means their home is worth X (it doesn’t).

Curious – what’s the over/under for how assessments will come out?

via press release:

Albemarle County is sending 2013 reassessment notices to taxpayers this week reflecting changes in property values resulting from the County’s recently completed annual reassessment. The 2013 reassessments show changes in property values resulting from softening in some segments of the real estate market being experienced locally as well as nationwide. The change in the County’s total “Fair Market Value” base has declined by 2.3% over the 2012 base. This decline is attributed, in large part, to changes in values for a variety of property types, including residential (down -2.66%); rural (down -5.24%) commercial property (up +2.41%); and multi-family (up +3.65%).  

As indicated above, results for different property types may vary significantly from the overall percentage decline. The reassessment figure reflects the values of existing properties and does not include the value of new construction. New construction is valued at $179,000,000 for the reassessment period.                 

Virginia 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:   

Rio                                             +0.36 %

Jack Jouett                              -1.92 %
               
Rivanna                                   -1.03 %

The new assessments will be reflected in the real estate bills which will be mailed in late April, 2013. County officials recommend that anyone who would like more information or who wishes a review of their assessment to contact the Office of the County Assessor at (434) 296-5856.

There is a process in place to appeal disputed reassessments. As a first step, taxpayers are encouraged to contact the Assessor’s Office 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 28, 2013. The Assessor’s Office recommends that citizens make an appointment as walk-in are handled on a first come first serve basis.   If a property owner does not receive satisfaction with this step, further appeal may be directed to the Board of Equalization appointed by the Board of Supervisors, which is comprised of Albemarle County citizens who have completed training by the Virginia Department of Taxation and who meet on a regular basis. All appeals to the Board of Equalization must be filed by March 18, 2013.

Applications for properties qualifying for land use assessments will be accepted until March 1, 2013. New applications are need to enroll in the program or when a property enrolled has a change of use of acreage from that previously qualified.