City Assessor Releases 2007 Real Estate Assessments
Figures continue to reflect City’s healthy real estate market
CHARLOTTESVILLE, VIRGINIA – In its annual review of property within the City of Charlottesville, the City Assessor’s Office released assessment figures that continue to show rising property values that reflect that Charlottesville is a desirable place to live and do business. According to Charlottesville City Assessor Roosevelt W. Barbour, Jr., RES, taxable real property values in the City increased by 14.3% during 2006. New construction or improvements to existing structures produced 1.1% of the total increase, while inflation or appreciation in existing properties accounted for the remaining 13.2%. Barbour stated that this year’s increase was over 16% lower than last years but still points to a strong market for Charlottesville property.
Assessment notices will be mailed today to all property owners. The new assessments are required each year by state law and the city code. Assessments are required to be at 100% of Fair Market Value. To provide fair and accurate figures, the Assessor’s Office reviewed assessments and sales information within each neighborhood to determine the necessary reassessment.
“Charlottesville continues to have a strong residential real estate market that is influenced by low interest rates and strong market demands” said Barbour. Assessments of existing residential property increased by a total of 15%.
Most commercial property owners will experience assessment increases as well. Barbour attributes this increase to a good real estate market that was fueled by a strong demand for commercial property and a limited supply of property available. The low interest rates were also a factor in the commercial market. Assessments of existing commercial property increased by a total of 11%. The Downtown and West Main Street areas continue to be the most robust as a result of the popularity and growth of the Downtown/West Main Street/University of Virginia corridor.
Charlottesville Commissioner of Revenue Lee Richards reminds residents that there are existing programs that can help residents who are in need of financial assistance. Residents are encouraged to apply for the City’s Real Estate Tax program. Anyone 65 years of age and older with an annual income of $50,000 or less and a net worth of $125,000 or less, excluding their home and ten acres of land, may qualify for the program. Persons under 65 years of age who are permanently and totally disabled may also qualify. Last year, the popular program aided 483 households with an average tax relief of $1,244. Applicants have until March 1, 2007 to apply for the Real Estate Tax Relief program, and until May 1, 2007 to apply for the Rent Relief Program. The Charlottesville Housing and Affordability Program will continue in 2007 with new guidelines being issued in March. Applications for qualified applicants will be mailed in April 2007 and applicants will have until September 1, 2007 to make application. Please contact the Charlottesville Commissioner of Revenue’s Office at 434-970-3170 for assistance, or visit www.charlottesville.org/COR.
If you are a property owner and have not received a notice by February 6th or have questions, please call the Assessor’s Office. Property owners wishing to discuss their assessments for 2007 must do so before March 1, 2007 to be eligible for an assessment adjustment for 2007. The Assessor’s Office is located on the third floor (Room 320) of City Hall, and the business hours are from 8 AM to 5 PM. The telephone number is (434) 970-3136. The assessments are accessible on the City’s website at http://realestate.Charlottesville.org
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