As you know, the 2008 Albemarle County property tax assessments are out and overall, the word from the county’s assessor’s office is that residential property values in Albemarle County dropped slightly by 2.5 percent, and in rural areas property values dropped 0.5 percent as a result of the recent reassessment. On January 29th, NBC 29 News quoted Albemarle County tax assessor Bruce Woodzell in their report. Woodzell stated “We saw a trend where land is still holding its value and the reduction we saw in the residential market was coming more from what we felt like was devoted to the buildings.”
Albemarle County Depends on New Construction Growth for Revenue
Because new residential construction lagged in the Albemarle/Charlottesville real estate market in 2007, a county revenue shortfall is now a reality. For many county governments, the easiest way to make up the shortfall is to raise property taxes to sustain county services and school budgets. Local school officials are now scrambling to makeup an estimated $2 million budget shortfall. Stay tuned to hear how this all plays out.
Charlottesville Assessed Property Values Increased Slightly
In Charlottesville, the average assessment of existing houses increased by 4.2 percent. Obviously this is a significant decrease in Charlottesville property values when compared with the 16.2 percent increase the market experienced in 2006.
If you happen to be one of the Charlottesville homeowners who saw your property value increase dramatically and feel it is not warranted, leave a comment. There is an appeals process that may offer you a remedy.
Stay tuned for future property tax updates,
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