The City of Charlottesville has returned to a single digit increase in real property assessments after two years of double digits. Assessment notices are now in the mail to thousands of property owners.
“Of the 15,114 taxable properties, residential parcels increase by an average of 5.61 percent,” reads a press release sent out today. “Commercial properties (including apartments, retail, office, industrial, vacant land) increased by an average of 3.11 percent.”
When taken together, the overall increase is five percent. Nearly 98 percent of residential properties increased in value and 83.62 percent of commercial properties increased.
The sample assessment form notes that the tax rate required to bring in the same amount of revenue as FY23 would be $0.927 per $100 of assessed value. State law requires local governments to provide that number. The real property tax rate in Charlottesville is $0.96 per $100 of assessed value.
There are three Frequently Asked Questions on the assessor’s website worth reviewing for more information.
- Why are assessments determined annually?
- Why does Charlottesville assess at fair market value?
- What is fair market value?
Anyone who wants to challenge their assessment has until February 29, 2024 to file an appeal. Learn more on the City Assessor’s website.
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 31, 2024 edition of the newsletter and podcast. To ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon.
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