Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News
Fluvanna residents (and potential home buyers and sellers) – be prepared.
The Fluvanna County Board of Supervisors met Wednesday evening to discuss budget. After over an hour of public testimony, the supervisors voted 3-2 to approve a major increase to the advertised property tax increase.
The increase moves the current rate from 57 to 68 cents per $100 of assessed property value.
Case Shiller doesn’t track the Charlottesville real estate market. Nor Albemarle, Greene, Fluvanna, Nelson, Waynesboro, Augusta … Case Schiller doesn’t track Charlottesville.
I wrote in early 2008 that The Charlottesville/Central Virginia/Shenandoah Valley markets are not covered by the Case-Shiller index. Real estate is local; while trends may be drawn from this type of research, and while the proverbial turned-corner may still be just over the horizon, it’s important to put his study in the appropriate context.
Crap. That “horizon” to which I referred is still a ways off. But … what I said remains true. Case Schiller doesn’t track our market.
But.
“Politicians are like diapers; they need to be changed often and for the same reason.†― Mark Twain
We vote on Tuesday in what’s termed an “off-off election” meaning … fewer people vote, so your vote will matter more. Please vote.
Here are a few resources:
– Charlottesville Tomorrow’s Albemarle County Board of Supervisors Candidate information
– Charlottesville Tomorrow’s Charlottesville City Council Candidate information
– Unfortunately, Charlottesville Tomorrow doesn’t cover the other important races, but luckily The HooK offers snapshots of the various races, including Albemarle County School Board (I’m endorsing Ned Gallaway for this race), Soil and Conservation District (I like Lonnie Murray)
– cvillenews gives a succinct rundown of which races are on the ballots. I’d clip a bit of Waldo’s post, but really, just read the whole thing.
Pending Contracts in the Charlottesville MSA are UP, year over year. But if you’re looking to buy a home in the Charlottesville area or if you’re trying to or thinking about selling, this number doesn’t matter to you one bit. What matters is – what is the market doing on my street? In my neighborhood? In my elementary school district? What happens at the top level – national, state, MSA, locality – is darn near irrelevant other than from a psychological point of view.
Here is why the top numbers don’t matter … there are extremes and outliers everywhere; today’s example:
A house just went under contract in the Bentivar neighborhood. A first look says that the house came on the market at $595k and went under contract in 6 days. If that house sells for $595k, the MLS data will show that it sold for 100% of its asking price. Which isn’t accurate.
Look beyond the numbers presented to you. Here and everywhere. Good real estate professionals don’t try to hide the information, but it takes work to discover what’s actually happening.
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Arguably, local governments have an equal and in many cases more significant impact on homeowners’ lives and property values – schools, fire and rescue, transportation infrastructure, snow removal … what happens if the tax rate rise so dramatically, and the budget becomes unmanageable? … Currently the real estate tax rate in Fluvanna County is $0.54 per $100 of assessed value ; the County is proposing a four cent increase in the tax rate in 2012 … and calling for a $1.22 per $100 rate in 2016 .
…With the pending reassessment, the audit calls for a fiscal year 2016 real estate tax rate of $1.22 per $100 to meet all expenditures and capital improvements.
…The tax options were part of a larger FY 2012 budget proposal that currently calls for a four-cent increase in the real estate tax rate, to $.58 per $100 of assessed value.
The national loan limits for Freddie and Fannie remain at $417,000, but because we are in a “high cost†area, our limits have been expanded to $437,000. … Now, the very good news is that FHA has raised their limits to $417,000 nationwide and $437,000 locally ( Charlottesville, Albemarle, Greene, Fluvanna, Nelson (excel file).
If you would like to donate a toy to the lift before Dec. 5th the early drop off locations are: Anytime Fitness – Crozet , CVaMP , Creative Press, Gold’s Gym , The Running Company, Seminole Total Health , Wilson School of Dance or you may email me for pick up service.
…– Kids Lift Foundation Toy Lift / Books Lift Kids PO Box 6762 Charlottesville, VA 22906 (434) 975-TOYS info@kidslift.org www.kidslift.org” * Even if I didn’t believe in the Toy Lift, I’d be writing about it – my wife is on their Board.