CHARLOTTESVILLE, VA – The City Assessor’s Office has completed the 2017 reassessment. Of the 15,010 taxable properties, residential parcels increased by an average of 4.16%. Commercial properties (including apartments, retail, office, industrial, vacant land) increased by an average of 29.45%. When residential, commercial and new construction are averaged together, taxable properties in the City increased by 15.14% in 2016.
The increase in commercial property value is due primarily to two factors. First is an incredibly robust commercial real estate market in terms of new construction and sales of existing properties. Second, the City Assessor’s office has implemented a new assessment system that allows staff to more thoroughly analyze the different components of commercial properties, which comprise their fair market value.
Additional details of this year’s figures include:
Assessments for existing residential property increased in value by 4.16%
80.18% of residential assessments increased in value, 3. 81% declined, and 16.01% did not change
Assessments for existing commercial property increased in value by 29.45%
82.40% of commercial assessments increased in value, 7.06% declined, and 10.54% did not change
Combined existing residential and commercial property increased in value by 14.13%
New Construction value included for 2017 is 1.06%
The commercial assessment notices being mailed includes a list of frequently asked questions (FAQ’s) including the process for appealing assessments. This FAQ can be found on the City website. Note: both residential and commercial property owners can appeal their assessments. General FAQ’s about the City Assessor’s Office and assessment process can be found under the “Department and Services” link at www.charlottesville.org.
The City Assessor’s Office can be contacted via telephone at 970.3136, Monday-Friday, 8 a.m. to 5 p.m.