Charlottesville Reports First Decline in Property Value Since 1976

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Updated: 6:16 PM Jan 28, 2010 Charlottesville Reports First Decline in Property Value Since 1976 For the first time since 1976, the City of Charlottesville is reporting an overall decline in property value by .76 percent. Officials say the decline is due to the slowing real estate market. Posted: 4:31 PM Jan 28, 2010 Email Address: news@newsplex.com

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January 28, 2010

In its annual review of Charlottesville properties, the City Assessor’s Office released figures that show the total value of property -- including new construction -- declined by .76 percent.

The decline reflects the challenges of the slowing real estate market.

The city has 12,820 taxable residential parcels, and approximately 54 percent will have a decline in value and 40 percent will not show a change, excluding improvements and new construction.

This is the first overall decline in City property value since 1976.

Here are some details of this year’s figures:

-- Assessment for existing residential property declined in value by 2.19 percent.
-- Assessments for existing commercial property declined in value by .34 percent.
-- Combined existing residential and commercial property decreased in value by 1.55 percent.
-- When new construction is added to the value of existing property, the total value of property in the city declined by .76 percent.

According to Charlottesville City Assessor Roosevelt Barbour Jr., the decline in property values was a result of the continuing slow economy and credit markets creating larger than normal inventories on the market for sale.

Officials said reassessment notices will be mailed to all property owners on January 29.

Virginia law requires all property to be assessed annually. The Assessor’s Office reviewed assessments and sales information within the city to determine the assessed value for tax year 2010.

Charlottesville Commissioner of Revenue Lee Richards reminds residents that there are existing programs that can help residents who are in need of financial assistance. Residents are encouraged to apply for the City’s Real Estate Tax Relief Program. Anyone 65 years of age and older with an annual income of $50,000 or less and a net worth of $125,000 or less, excluding their home and 10 acres of land, may qualify for the program.

Persons under 65 years of age who are permanently and totally disabled may also qualify.

Last year, this program aided 514 households with an average tax relief of $1,343. Applicants have until March 1, 2010, to apply for the Real Estate Tax Relief Program, and until May 3, 2010, to apply for the Rent Relief Program.

The Charlottesville Housing and Affordability Program applications will be mailed by July 1, and applicants will have until Sept. 1, 2010, to mail in an application. Last year, 610 applicants received $375 and 408 applicants received a $525 grant to assist with their Real Property taxes.

Please contact the Charlottesville Commissioner of Revenue’s Office at 434-970-3170 for assistance, or visit www.charlottesvillr.org/COR.

If you are a property owner and have not received a notice by Feb. 6 or have questions, call the Assessor’s Office.

Property owners wishing to discuss their assessments for 2010 must do so by March 1 to be eligible for a review for 2010.

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