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Assessed real estate valuesCharlottesville Strategic Plan |
Total assessments
New construction only
Description
Real estate assessments are required by the Codes of Virginia and the City of Charlottesville to be at 100% of fair market value. Assessments are made each year by the City Assessor's Office and are effective January 1.
The tax rate is set by City Council in the spring of each year. The formula to calculate taxes is as follows:
(Assessment/100) X (Tax Rate) = Annual Taxes
Analysis
The City Assessor's Office has completed the 2017 reassessment. Of the 15,010 taxable properties, residential parcels increased by an average of 4.16%. Commercial properties (including apartments, retail, office, industrial, vacant land) increased by an average of 29.45%. When residential, commercial and new construction are averaged together taxable properties in the City increased by 15.14% in 2016.
The increase in commercial property value is due primarily to two factors. First is an incredibly robust commercial real estate market in terms of new construction and sales of existing properties. Second, the City Assessor’s Office has implemented a new assessment system that allows staff to more thoroughly analyze the different components of commercial properties, which comprise their fair market value.