Charlottesville homeowners saw the value of their property rise over the past year but at roughly the same clip as the prior year. It’s commercial property owners who are likely to get hit with a steeper hike in their taxes after the latest revaluations were released last week.
Commercial property includes apartments, stores, offices, industrial space and vacant land. The value of those properties in the city increased by an average of 12.16%, according to the 2023 figures released by the city’s assessor on Friday, before offices closed for the weekend. The assessor reported that 83.62% of commercial assessments increased in value this year, while 3.22% decreased and 13.16% did not change at all.
It’s a far cry form last year, when commercial values increased by just 2.79% in Charlottesville and City Assessor Jeff Davis said the local commercial real estate market was still taking a beating from the economic fallout of COVID-19.
Home assessments in Charlottesville increased by an average of 11.52%, according to the 2023 figures. That’s compared to an 11.69% uptick reported this time a year ago.
Combined existing residential and commercial property increased in value by 11.78%, the assessor said. New construction value included for 2023 is 0.56%. When new construction and reclassifications are added to the value of the existing property, the total value of property in the city increased by 12.33%.
The new figures are a boon to the city’s coffers, which already boast a $5 million surplus for the current fiscal year.
Property values are on the rise across the region.
Albemarle County property owners will see the steepest increase in their property taxes in 15 years after it reported earlier this month that the average assessment leaped 13.64% over 2022.
Property values are also up 13% in Fluvanna County for 2023.
Louisa, Nelson and Greene counties still haven’t reported their assessments. Those are expected to be published later this spring.
The growth in Albemarle County at least has been attributed to appreciation in the housing market.
The county and the city of Charlottesville that it surrounds have been growing in recent years. Charlottesville’s population reached 51,278 in 2022, according to the latest data from the Weldon Cooper Center at the University of Virginia, which studies population demographics. The 2022 figure is 0.4% up from the 2020 census figures, but it is 16.5% higher than it was reported in 2010.
A more detailed analysis of the city’s property assessment is expected in the near future.
Property owners may appeal the city’s valuation of their property by requesting a review of their assessment. After an appeal application is received, the assessor who valued the property will meet with the property owner and decide what change, if any, is appropriate. The city promises a notice of the decision will be provided within 30 days. If a property owner disagrees with the assessor’s decision, they may pursue an appeal process.