Concerns Grow as City Real Estate Prices Go Up

By: Althea Paul
By: Althea Paul

It's all about supply and demand. There is a lot of demand for houses in the city of Charlottesville, but a limited supply, making houses in the area worth quite a bit more than they used to be.

A house in the city is now at an average price of about $180,000.

That means it is hard for the average resident to own a home. Those who already own houses are also affected. Assessments went out a few weeks ago, with citywide increases averaging 13.3 percent in neighborhoods. A good thing if you're thinking about selling your home, but it may not be so good for residents that have to pay real estate taxes.

"It's a terrible struggle and I've received calls from tearful constituents who are crying to me literally because they're going to have to leave the city," said city councilman Rob Schilling.

Just to give an example of exactly how much homes have gone up back in 2000 a home in Belmont that cost about $69,000 is now more than double that amount.

To help with the situation, some residents believe city council needs to lower real estate taxes.

Council members we spoke to say it's definitely something they're pushing for.

Still, many are concerned with what will happen in the city if something isn't done. Some predict that the only ones that will be able to live in Charlottesville in the future will be either the rich or the poor.

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