February 2022 Property Transactions: Brown’s Store on Avon Street sells for $2.4 million; Former Cavalier Diner building sells for $1.3 million
When you read through my latest installment of monthly property transaction summaries, think about the 2022 assessments in Charlottesville. Virginia state law requires properties to be assessed at 100 percent of their fair market value as determined by the appropriate local government.
“Market value is defined as the most probable price expressed in terms of money that a property would bring if exposed for sale on the open market,” reads an FAQ on the website of the Charlottesville City Assessor. “The sale should be an arms-length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which the property is adapted and for which it is capable of being used.”
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