Jan 31 2007
The Gap Narrows
Charlottesville Assessments Contionue to Increase Faster than Property Values, narrowing the gap between the market value and the taxed value.
After decades of nominal assessment increases, the City of Charlottesville continues its trend started in the late 90’s of making assessments closer to fair market. It used to be your assessment stayed pretty steady near the price you paid for it, until you chose to sell. One landlord told me:
“I bought my first house in Charlottesville for $130K in 2001. It was then assessed at $60,000. Todays that assessment is over $220,000. That’s a 300% growth in taxed value in six years!”. Per the Daily Progress article today:
Charlottesville’s assessed property values increased by an average of 14.3 percent during 2006, a slight drop compared with the previous year’s assessments, according to a Tuesday press release from the city.
In 2005, the assessed property values rose by an average of 15.9 percent.