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The overall value of taxable property in the city of Charlottesville has risen for the third year in a row.
The City Assessor’s Office released annual reassessment figures Friday that show the total value of taxable property in the city, including new construction, increased by 2.78 percent.
However when the calendar year 2015 reassessment notices are mailed Saturday, almost three-fourths of recipients will see that their property value stayed the same or declined in value. Twenty-seven percent of the city’s 13,134 taxable parcels increased in value.
Existing residential property increased by 1.78 percent while existing commercial property increased 2.33 percent. The value of new construction pushed the overall total higher.
This is the second year of increased values for residential properties, which had been on the decline during 2009 to 2013. Last year residential property values increased by 2.51 percent.
Commercial properties have climbed in value each year since 2012, helping to boost the value of the overall tax base for each of the past three years.
The real estate tax rate is 95 cents per $100 of assessed value, an amount expected to remain the same in the fiscal year 2016 city budget. The City Council was informed at a December budget work session that reassessments might increase by only 1.5 percent.
Virginia law requires cities to conduct annual reassessments.
Charlottesville’s commissioner of revenue, Todd Divers, is encouraging eligible residents who need financial assistance to apply for the city’s real estate tax relief program.
“We are taking applications through March 2 and then we will begin accepting rent relief applications until May 1,” Divers said. “It is easy to apply and just requires a resident to bring in financial documentation. People can call our office for more information.”
The tax relief program assists property owners age 65 and older with an annual income of $50,000 or less and a net worth of $125,000 or less excluding their home and up to 10 acres of land. Persons under age 65 who are permanently or totally disabled also might be eligible.
Information about other affordability programs is available by calling the commissioner of revenue’s office at 970-3160 or visiting www.charlottesville.org/COR.
“Property owners who have not received a notice by Feb. 6 or who have questions are encouraged to call the assessor’s office,” city spokeswoman Miriam Dicker said in a news release. “Property owners wishing to discuss their assessments for 2015 must do so by March 2 to be eligible for a review for 2015.”