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Property Values on the Rise - NBC29 WVIR Charlottesville, VA News, Sports and Weather

Property Values on the Rise

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Residential property value is on the rise in Charlottesville and Albemarle County.

In 2006, the assessed value for every home in Albemarle County added up to $11.5 billion. In Charlottesville at that same time, all of the homes were worth $2.8 billion. Fast forward to right now and the city's home value soars to $3.5 billion and Albemarle's jumps even higher with a residential assessment of $14.5 billion.

Jim Tolbert of Charlottesville Neighborhood Development said, "I think it shows the strength and vitality of Charlottesville."

Albemarle County Assessor Bob Willingham says the economic conditions in Central Virginia have been better than those in Northern Virginia. "The market here in Albemarle County has been increasing in the good times and even in the downturn we haven't seen what was the ‘hurt of Northern Virginia' as I would say," he stated.

Both localities agree that new development is a major factor contributing to the overall bottom line.

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