Title edit: when I posted this this morning, assessments weren’t out. Now (3:45 7 February) I just received the press release from the County. Click through to read the whole thing. (but they’re still late 🙂 )
I don’t know that there’s a “must have these sent by X date” for the release of the Albemarle County real estate tax assessments, but over the past few years, Albemarle assessments have been released by the end of January.
In 2012, I noted the new assessments on 27 January; many (most) property values had declined. I’m thinking that 2013 is going to show a measured response – anywhere from 3% down to 1.5% up.
5 Reasons why real estate assessments matter:
1) The County bases their budget on property tax revenue.
2) The assessed value is the value upon which property owners pay taxes.
3) Buyers look at assessed values as a measure of market value … but really, it’s a point in the equation, but are neither a definitive point nor a necessarily accurate one.
4) Also – “Virginia, unlike some other states, by Statute requires localities to assess property at 100% of fair market value, based on an objective analysis of the property’s fair market value…”
5) Sellers look at assessed values and wonder if buyers will think that the assessment means their home is worth X (it doesn’t).
Curious – what’s the over/under for how assessments will come out?