November 9, 2005
Everyone in Charlottesville knows that the price of homes keeps rising. With that rise in costs comes a rise in property taxes. A decision tonight by the Albemarle County Board of Supervisors could affect those taxes.
As it stands now, Albemarle County assesses the value of a home every two years. As a taxpayer, that means you pay the same in property taxes for two straight years. Tonight the Board of Supervisors changed that assessment process, changing the way in which you pay taxes.
For years, homeowners in Albemarle County paid the same amount in property taxes for two straight years. With this change, homes will be assessed every year and property taxes will change with those assessments.
"It's a more steady increase for County budgeting purposes. It's a more steady increase for the people paying taxes to be able to budget," said Board of Supervisors Chairman Dennis Rooker.
By assessing the value of a home in the country each year, the increase in taxes will be more gentle. Over six years, the Board of Supervisors realizes that this change could bring in an extra $20 million for the County. However, this is not the intention.
"We will make this revenue neutral. There is a potential there could be lumpy increases in revenue in off years resulting from this," said Rooker.
The only extra cost to both homeowners and the County will be the need for an extra assessor. The county figures that will cost about $16,000.
If that revenue does come to fruition, Rooker said the board will find ways to change that, including a tax cut of up to $0.02 for every $100. They say the intention is not to raise more money for the county.
The change in assessment will not take place until January of 2007.