This afternoon, both Charlottesville and Albemarle assessors released the real estate assessments for 2009: Assessments are up in the city by 2.28 percent, but down in the county by 2.59 percent. Bills go out tomorrow.
In the county, commercial property assessments increased on average 1.6 percent, but residential properties saw a decline. Here is the breakdown of the assessments of various types of county residential properties:
– Condominiums are showing the largest average decrease at 7.7 percent
– Previously existing detached housing on parcels between two and five acres declined an average of 3.3 percent
– Detached residential properties on parcels larger than five acres decreased by 2 percent
– Detached residential properties on parcels smaller than two acres decreased of 5.3 percent
– Townhouses and duplexes decreased by 5.9 percent.
Charlottesville fared somewhat better. Assessments on existing residential property increased by 1.02 percent, and commercial property had an average increase of 3.02 percent.
City Assessor Roosevelt Barbour, Jr., attributes the increase in commercial property values to the constant demand and the limited supply of property available.