Value assessment authorities in the City of Charlottesville and Albemarle County are releasing the results of their annual reassessment of residential and commercial properties.
The total value of the city’s taxable property decreased by 1.22 percent, a reflection of national trends in a slow economy. Existing residential property declined in value by 3.08 percent, but commercial property increased in value by 0.84 percent.
Charlottesville Commissioner of Revenue Lee Richards encouraged residents to take advantage of existing financial assistance programs, including the Real Estate Tax Relief Program and the Charlottesville Housing and Affordability Program.
Recent assessments in Albemarle County reflect the “continued softening of the real estate market being experienced locally as well as nationwide,” according to a press release. The county’s total “Taxable Assessed Values” base declined by 3 percent, with residential properties reporting a decline of 3.05 percent.
Each of the county’s seven magisterial districts showed decline in the past year, from 0.98 percent in the Rivanna district to 3.68 percent in that Jack Jouett district. The biggest decline, 4.52 percent, was registered in the Town of Scottsville.
Reassessment notices for county residents will be mailed this week.