City, County Property Assessments Decline

Assessments are in for Charlottesville and for Albemarle, Rachana Dixit and Brandon Shulleeta report for the Daily Progress, and the trend is strongly downward.

For the first time since 1976, there’s been a decline in Charlottesville home values—a 2.19% drop—plus a 0.34% drop in commercial property values. That adds up to a $175k drop in city revenue, assuming a stable tax rate, which isn’t bad. Last year, home values went up 1% in the city, despite the national trend.

Albemarle home values dropped by 4%, while commercial properties dropped by 0.64%—basically the same ratio that the city saw. That’s not as bad as the county planned. With the current property tax rate at 74.2¢ per $100 of assessed value (that is, a 0.742% tax on property value), they’d have to take the rate up to 76.6¢ to keep revenue stable. Given the opposition to a tax increase among the Republican majority on the board—they support keeping the rate at the current rate—that’s going to mean a a 3.2% decrease in spending based on that income.

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