2016 Charlottesville Real Estate Assessment numbers are now out as I write this post. There are two areas that have the greatest impact on Assessments: the City of Charlottesville and Albemarle County, where Charlottesville is located.
2016 Charlottesville Real Estate Assessment
The City of Charlottesville says that the released assessments are “an estimate of fair market value as of January 1 each year, based on property sales for the previous calendar year.” Here is the Charlottesville City Assessor website if you would like to read further on this subject.
2016 Albemarle County Real Estate Assessment
Albemarle County, says it slightly differently, stating, “The County of Albemarle appraises real estate every year based on fair market value as provided by the Virginia State Code.”
They continue to note: “The appraisal staff in conducting their field appraisal work considers adjacent property sales, condition of property, zoning stipulations, and other miscellaneous factors that could be an influence on the market value of the property” Here is the Albemarle County Real Estate Tax Website for further details and information.
Charlottesville Home Prices
Charlottesville Market Reports show that sales are increasing year over year, with Median Sales Prices up in the City of Charlottesville and up in Albemarle County, too. We expect this trend to continue.
In a quick check, most 2016 Real Estate Assessments are up slightly from 2015 numbers.
Charlottesville Real Estate Tax Rates
Our real estate tax rates are based on Assessments:
- City of Charlottesville is $.95 per $100 of Assessed value.
- Albemarle County is $.819 per $100 of Assessed value.
Charlottesville Home Buyer
Many Charlottesville Buyers look to Assessments as a means of valuing a home, and, in many cases, this can be a mistake. Using them as a guide can make sense, but, since the data is generated at a point in time prior to the January release, the information is not timely enough.
Getting a current Market Analysis of a home from your Charlottesville Agent will give you a better idea of a home’s true value.