Posts tagged property taxes and shifting market values in Albemarle

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.

Read More