Posts tagged Assessments

Albemarle County Real Estate Assessments are Live

See the updated Albemarle County real estate assessments yourself. I’ve done a random sampling and although I’ve been told that Albemarle County assessments are down ~3%, I’ve seen drops ranging from 1% to nearly 20%.

This stuff matters, not simply because the assessed values affect homeowners’ taxes, but the County’s entire budget and to a certain degree property values in that buyers look to assessments for an indication as to what market value may be. My opinion that that the assessment rarely is equivalent to true market value.

Aaron Richardson at the Daily Progress reported last week:

Albemarle’s county executive, Tom Foley, has told the Board of Supervisors he was basing his budget request for next fiscal year, which is still in the works, on an equalized tax rate of 76.5 cents per $100 of assessed real estate value.

Schools Superintendent Pam Moran based her budget request for next fiscal year on the same figure.

For now, the tax rate sits at 74.2 cents per $100. The equalized tax rate is the rate that would have property owners paying basically the same amount of taxes as the previous year, the side-effect of falling property values. That equalized rate is also in the county’s five-year financial plan.

County spokeswoman Lee Catlin said that the 76.5 cent rate is a “working” figure that will be finalized in the next couple of weeks as the county finishes this year’s assessments.

Board of Supervisors Chairwoman Ann H. Mallek said she is in favor of the equalized rate. Moving to the new rate, she said, will make possible long-neglected capital improvements such as the Crozet Library and a police firing range.

Assessed values have been declining for years, and they absolutely matter – to local budgets, to schools’ budgets and quality, and to communities’ qualities of life.

I’ve written about real estate assessments many times over the years; if you’re interested in this subject, you may want to spend some time reading some of those stories.

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Albemarle County Property Tax Rate set to Increase

However, Tucker will base his budget recommendation on a 76.7-cent rate, with 2.5 cents set aside for the rainy day fund, because home assessment values in Albemarle didn’t decline as much as officials had projected in December.

…Maybe not, based on last year’s budget process ( thanks to Cville Tomorrow – bolding mine): By a split decision, the board asked that the budget process begin with a 77-cent real estate tax rate, with 2.5 cents of it set aside for a rainy day fund.

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Assessments, property taxes and shifting market values in Albemarle County

– The title was just transferred to the relocation company for $1,259,847 and is currently assessed for $1,000,080.- The assessor is going to value it at $1,011,000.- Lot sales have shown that the land increased $40k in value and the house came down in value $10,000.  Keep in mind that the property has been on the market for about a year.- All the comparable sales the appraiser used from 2007 were lot sales and there were no resales in this development.In short – land values increase and the improvements decreased.The majority of local government’s revenue comes from property taxes, and if governments aren’t able to depend on their annual raises, what are they/we going to do?Governments don’t budget the way the rest of us do – they determine how much they want and budget for that.  And they’re not looking forward to pinching pennies.For the most part, they are seeing a flat assessment versus the last assessment period.  They are seeing reductions here and there as well.There are already quite a few bills in the General Assembly addressing property taxes.

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