The Albemarle Board of Supervisors has received one important metric they will need as they consider a budget for the fiscal year that begins on July 1, 2023. County Assessor Peter Lynch was on hand at this week’s meeting.
“The overall change due to the reassessment is 13.46 percent over 2022,” Lynch said.
At least one Supervisor gasped in astonishment, as podcast listeners can hear. That is a historical high and continues a trend of consecutive increases since 2014 when the annual increase was 1.78 percent. In 2022, the increase was 8.4 percent. Albemarle began assessing property annually in 2008.
Lynch said the figures are well-supported by sales and market data, but he realized that the increase may come as a surprise to many.
“The latest news about the economy and about the market is not going to make people think 13.64 percent increase,” Lynch said.
Lynch said last year his office had thought they would be hit with a record number of appeals. Instead, they had fewer than expected.
“They understood what was going on with the market,” Lynch said. “They knew people were bidding up the sales on houses and that the assessments would be higher.”
The assessment data is consistent with data collected by the Charlottesville Area Association of Realtors. The median sales price in Albemarle in November 2021 was $424,000 compared to $463,000 in November 2022. (read their report)
Different types of property increased at different rates. “Urban residential” increased an average of 12.73 percent while apartments increased 28.2 percent.
“Apartments are a hot commodity in the real estate market and its really the difference between that’s an income stream that is sought after,” Lynch said.
Other residential properties up to 20 acres increased by 11.31 percent while rural properties between 20 and 100 acres increased 12.15 percent.
Commercial and industrial property increased 15.47 percent, continuing the rebound from 2021 when this classification dropped 5.5 percent.
The assessment increases will result in additional property taxes if the property tax rate remains the same. Remember, every assessment is unique to the property.
“If you had a home worth $150,000, after the assessment it’s worth $150,000, it would have gone up around 9.13 percent,” Lynch said. “You’ll end up paying $106.75 more in taxes.”
Assessment notices will be mailed out on January 20. The new values will be reflected on the county’s GIS system the next day. Requests for reviews to the assessor’s office must be submitted by February 28. Appeals to the Board of Equalization must be made by March 30.
Lynch encouraged people who have questions about their assessment to call the assessor’s office.
Before you go: The time to write and research of this article is covered by paid subscribers to Charlottesville Community Engagement. In fact, this particular installment comes from the January 13, 2023 edition of the program. To ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon. The podcast version of this particular segment contains a little more sound than the written narrative.