Property Value Trends Released for Albemarle County
Albemarle County supervisors are getting their first look at property value trends in the county. Those assessments are a first step in the balancing of tax rates moving forward.
ALBEMARLE COUNTY, Va. (WVIR) - Albemarle County supervisors are getting their first look at property value trends in the county. Those assessments are a first step in the balancing of tax rates moving forward.
Albemarle County requires all real estate to be assessed at the beginning of each year. On Wednesday, supervisors got an update from the county assessor’s office showing the total taxable value of property in Albemarle County has increase four percent since last year.
After an assessment of thousands of properties in the county, the largest increase came in at 5.6 percent in Scottsville. Another large increase of 6.5 percent was for multi-family homes in the county.
Assessment changes are driven by general increases in the real estate market. However, county assessor Peter Lynch says neighborhoods and sections of the county tend to change at different times.
“I want to stress that anyone’s individual property can vary greatly from that number or any of of those numbers,” Lynch said.
The county will be mailing out individual reassessments to taxpayers on January 25. County officials urge anyone with questions about their assessment to call the county assessor’s office.
At the county assessor’s office, people can also request a new review. The deadline for that request is February 28.