Albemarle County Real Estate Tax Assessments are Out

in Albemarle on
Photo courtesy of http://www.flickr.com/photos/bjornmeansbear/4994577087/sizes/s/

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?

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Your Neighbors Affect your Market Value – So Say Appraisers

in General Real Estate on

This news may seem either common sense or unreasonable, depending on your position, but the fact is that neighbors affect market value.

“I’ve seen many situations where external factors, such as living near a bad neighbor, can lower home values by more than 5 to 10 percent,” said Appraisal Institute President Richard L. Borges II, MAI, SRA. “Homeowners should be aware of what is going on in their neighborhood and how others’ bad behaviors could affect their home’s value.”

I showed a house this afternoon in a nice little neighborhood – house was in good condition, great yard, manageable needed upgrades … but the guy on the four wheeler flying down the road, (I think the technical term is “whizzing”), the honda racing down the road … those folks are negatively impacting the value of the entire neighborhood, not just adjacent neighbors.

Buyers can paint and replace carpet … but replacing neighbors?

I’m no attorney, but this is an attorney describing what may constitute a public nuisance (and what neighbors may be able to do about it).

After minutes and minutes of googling, I can’t find how this case in Arizona was resolved, in which this was the subject of the case, “Do you have to disclose the fact that your neighbor is disruptive before selling your house?”

So … if you’re buying, visit the house and the area around the house several times before you buy.

* Thanks to VARBuzz for pointing out the appraisal article

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From the Rivanna to Rose Hill – Rounding up a few Charlottesville Tomorrow stories

in Albemarle Charlottesville on

When I say that I couldn’t represent my clients – buyers and sellers – without the reporting of Charlottesville Tomorrow, I mean it. The past seven days demonstrate that statement:

– (Charlottesville City) Council takes first step in enacting stormwater fee – “The fee will bring in an additional $1.6 million each year in revenues that will be dedicated for stormwater replacement and repair.”

America’s infrastructure is crumbling, and Charlottesville (and Albemarle’s) infrastructures aren’t immune. This is a step (so long as it’s not a tax that never goes away) towards fixing our infrastructure.

– Officials present unified vision for long range planning – “After an hour of presentations by local officials, the burning question was a simple one: How can pedestrians cross U.S. 29 in Albemarle County’s northern growth area?”

Asking this question is a start … doing something is an entirely different matter.

– Changes in the works for Rose Hill Drive – “The proposals include buffers to protect cyclists from traffic, new street trees and narrower lanes.”

I’d wager that better multi-modal transportation options will be a net positive for property values and livability; this foresight and knowledge are beneficial to buyers moving to or within Charlottesville, residents and potential sellers.

– River design competition winners announced – “The winning design, titled Sound Crater, celebrates Charlottesville’s music scene and establishes the Rivanna at the heart of it. “

Making the Rivanna a center part of the City would be a tremendous undertaking, but one that would make Charlottesville an eminently better place to live (if done right).

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A Return to Basics – RealCentralVA’s monthly newsletter

in Blogging General Real Estate on

I’m trying something new. I know that not everyone wants to read everything I write and post here (there’s always something happening in Charlottesville’s real estate market – direct and tangentially). So I’m introducing a monthly newsletter. My thoughts and rationale:

– I expect to write more stuff that’s from the heart, stuff that by design isn’t for world-wide consumption as well as insights about Charlottesville, our real estate market, and answering questions that might be misunderstood by someone just stumbling onto the blog … I expect (and hope) that the folks subscribing will have at least a passing familiarity with who I am.

– This coincides with my decision to return to taking notes with – get this – a pen and paper. (this was my inspiration) I wrote in moleskins for years and realized that I’ve been missing writing.

– I wanted to do a weekly or bi-monthly newsletter, but want to do something I can commit to. (clients come first, then my writing)

– Feel free to forward this newsletter to friends, if you find it valuable.

– I’m making a deliberate decision to not have online archives of what I write; if you want to read what I write, it’s really, really easy to subscribe. (they will be archived at RealCentralVA.com though, privately)

– This concept is a copy of Chris Brogan’s – he emails a weekly newsletter every Sunday; I’d like to think I can build up to that. But for now, I’ll just post a monthly reminder here about my newsletter.

– Feedback is welcome and appreciated. Email me anytime (particularly if you think I’m off base, need correcting or would like more information or a clarification).

With that preface, here’s where you sign up.

I’ll be emailing this out on Tuesday, 5 February.

Update: I’ve just finished the first draft, and I really like it and hope you find it valuable.

Update 2 – I noticed that TinyLetter lets me send the current newsletter to subscribers new since I originally sent it … for the short term (3-4 months) I’m going to send it to folks as they subscribe.

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City of Charlottesville Real Estate Assessments are Out – 2013 Edition

in Charlottesville on

Charlottesville’s real estate assessments are down a bit in 2013; this is no surprise to anyone tracking the Charlottesville market. Every year brings the conversation about whether real estate assessments matter with respect to true market value … 2013 will be no different. I expect Albemarle County will be releasing their property assessments shortly. (they were out earlier than this last year) One of the biggest questions homeowners tend to have is this: is my assessment accurate? Should I challenge it?

NBC29 reports:

– Assessment for existing residential property declined in value by 2.44%.

– Assessments for existing commercial property increased in value by 6.25%.

– Combined existing residential and commercial property increased in value by .61%. When new construction & re-classification are added to the value of existing property the total value of property in the City increased by 1.35%. 


According to Charlottesville City Assessor Roosevelt Barbour, Jr., (RES), there was a decline in existing residential property values even though unit sales increased by 25%. The Assessor’s Office reviewed assessments and sales information within the City to determine the assessed value for tax year 2013. Reassessment notices will be mailed to all property owners on January 31, 2013. Virginia law requires cities to assess all properties annually.

Surely there is much more conversation to come about the City of Charlottesville and County of Albemarle real estate assessments, but in the meantime:

What do Real Estate Assessments Mean?

“Assessments are not a reflection of market value. They are a backward-looking assessment of what the market value may have been at the time the assessor looked at the house (most likely online, and not in person). The assessor may or may not know the condition of the property, the condition of the property’s neighbors, may not consider the traffic noise, crime stats, proximity of sexual offenders, level of inventory, smell of the neighborhood, etc. etc. etc. Assessments are why you pay taxes on.”

– January 2012 – Real Estate Assessments in the Charlottesville area – Still Declining?

– December 2007 – Assessments, property taxes and shifting market values in Albemarle County

–

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Enjoy Charlottesville Today – We’re Healthy!

in Albemarle Charlottesville on

I was going to publish this next week, but seeing as how it’s supposed to be 73 degrees today, I thought today was appropriate.

Charlottesville is healthy. We knew that, right?

I was asked yesterday what I would tell someone who’s moving to Albemarle County; the reasons to move are many, but they all come under the heading of “it’s really just a great place to live.” One of those reasons is that there is so much to do –

From the hikes around Charlottesville to the variety of adult league sports ranging from soccer to lacrosse to softball … kickball …

If the Weldon Cooper Center’s data doesn’t do it for you, look at West Main Street on a Sunday morning:

Virginia Data | Weldon Cooper Center for Public Service - Albemarle County

Not only has Charlottesville been ranked as a healthy place in Virginia, Charlottesville’s been named as one of the healthiest places in the country a couple times – by the AARP in 2008 and Men’s Journal as one of the Healthiest Towns in 2010. (but really, lists are just that … now get out there and enjoy Charlottesville today! — I’ll be riding my bicycle to a home inspection today.

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Charlottesville Loves its Restaurants

in Albemarle Charlottesville Off-topic on

Charlottesville is the #14 most “Restaurant-Crazy” City.

I like that they qualify “Charlottesville” as “The Charlottesville area” by virtue of their noting that “Charlottesville” has a population of 204k.

and:

Restaurants: 460

Restaurants Per 10,000 Residents: 22.8

I have my favorite restaurant(s) (Brookville, ahem) in Charlottesville … and many of their chefs are featured at Beyond the Flavor, (note their Kickstarter campaign).

The food in Charlottesville is remarkable, and helps to make living here pretty nice.

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