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 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 2.28% during 2008. Since 1976, we have only experienced a single year of more modest growth in value. During the 1993 assessment year the increase in value was 2.19%, slightly less than this year’s growth of 2.28%.
New construction or improvements to existing structures produced .59% of the total increase, while inflation or appreciation in existing properties accounted for the remaining 1.69%. Barbour stated that this year’s increase was substantially lower than last year’s increase of 6.96% due to a slowing national economy and problems with the mortgage and credit market.
Assessment notices will be mailed on January 30th to all property owners. The new assessments are mandated each year by state law and the city code and 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.
The residential real estate market in Charlottesville continues to be stronger than most other localities in Virginia. This is due in large part to the presence of the University of Virginia and continued low interest rates. Assessments of existing residential property increased by a total of 1.02%.
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 3.02%.
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, this program aided 493 households with an average tax relief of $1,358. Applicants have until March 2, 2009 to apply for the Real Estate Tax Relief program, and until May 1, 2009 to apply for the Rent Relief Program. The Charlottesville Housing and Affordability Programs applications will be mailed by July 1, 2009 and applicants will have until September 1, 2009 to mail in an application. Last year 631 applicants received $375 and 372 applicants received a $525 grant to assist with their Real Property taxes. 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 2009 must do so by March 3, 2009 to be eligible for a review for 2009. 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