Charlottesville real estate assessments up an average of 12.33 percent
For the second year in a row, the average real estate assessment increased by double digits, setting up conversations this week about additional revenue that will be generated for the city of Charlottesville.
Residential parcels increased by an average of 11.52 percent, based on 15,148 taxable properties. Commercial properties went up an average of 12.16 percent, and that includes apartment complexes, retail, and office space. When you throw in new construction, the overall average is 12.33 percent.
Nearly 98 percent of all properties in Charlottesville went up in value, with just over one percent declining.
If you are a city property owner and you dispute the increase, the first step is to fill out an Assessment Appeal Application Form. This must be turned in by February 28 and people can make an appeal based on a fair market value claim, a lack of uniformity, or errors in the property description which may have altered the valuation.
If an appeal is unsuccessful, the next step is to the Board of Equalization. Last year the Board affirmed the assessor’s position in nine of ten appeals, only granting one. (read my story)
The third step is to go before the Charlottesville Circuit Court. More on the city’s assessments as more information is released.
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