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Albemarle County Real Estate Assessments are Out (2014)

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I figured the assessments would be released yesterday; I was trying to research a property for a client and the Albemarle County GIS site was down. It’s up now.

If you’re curious what real estate assessments mean, this is a good description from a couple years ago.

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.

2013’s post on Albemarle County assessments in which I recounted the previous years’ posts on assessments. I won’t re-link them again today, but I will re-state what I wrote last year:

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).

When the County sends out their press release describing the breakdowns of assessed value by region within Albemarle, I’ll post it.* My assessment is up 14%; I’m curious to see what the general trends county-wide turn out to be.

As promised, the County’s press release:

Albemarle County is sending 2014 reassessment notices to taxpayers this week reflecting changes in property values resulting from the County’s recently completed annual reassessment. The 2014 reassessments show changes in property values resulting from stabilization of the real estate market being experienced locally as well as nationwide. The change in the County’s total “Fair Market Value” base has increased by 1.28% over the 2013 base. Reassessment changes by property type are:

–  residential (less than 1 acre)- up +1.98%
–  residential (1 acre to 19.99 acres) – up +0.40%
– rural (20 to 99.99 acres) – down -0.14%
– rural (100 acres and over) – down -0.29%
– commercial property  – up +3.64%
– multi-family  – up +0.99%

As indicated above, results for different property types may vary significantly from the overall percentage decline. The reassessment figure reflects the values of existing properties and does not include the value of new construction. New construction is valued at $100,000,000 for the reassessment period.

Virginia 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, independent of any influence on the part of the County or the County Board of Supervisors. Albemarle County continues to consistently rank among the most accurate jurisdictions in statewide Assessment/Sales Ratio studies conducted by the Virginia Department of Taxation.

The average annual reassessment changes for the magisterial districts are as follows:

Rio – +1.75%
Jack Jouett – +3.64 %
Rivanna – +2.85 %
Samuel Miller – +1.58 %
Scottsville – +0.27 %
White Hall – +0.49 %
Town of Scottsville – +1.49 %

The new assessments will be reflected in the real estate bills which will be mailed in late April, 2014. County officials recommend that anyone who would like more information or who wishes a review of their assessment to contact the Office of the County Assessor at(434) 296-5856. Real estate assessment information can be found on the County’s Website, www.albemarle.org, under Online Services, GIS-Web.  Among information available are property descriptions, maps and sales information. The Assessor’s Office provides computers that can be used by the public during normal business hours.

There is a process in place to appeal disputed reassessments. As a first step, taxpayers are encouraged to contact the Assessor’s Office to insure the correctness of County records and to receive an explanation of the basis upon which the valuation was made. The deadline for requesting a review with the Assessor’s Office is February 28, 2014. The Assessor’s Office recommends that citizens make an appointment as walk-in are handled on a first come first serve basis. If a property owner does not receive satisfaction with this step, further appeal may be directed to the Board of Equalization appointed by the Board of Supervisors, which is comprised of Albemarle County citizens who have completed training by the Virginia Department of Taxation and who meet on a regular basis. All appeals to the Board of Equalization must be filed by March 17, 2014.

Applications for properties qualifying for land use assessments will be accepted until March 1, 2014. A new application, per parcel, is needed to enroll in the program or when a property enrolled has a change of use of acreage from that previously qualified. A new application is not needed if your property is currently qualified in the land use assessment program.

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Charlottesville Albemarle Airport Expanding

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At the airport in Charlottesville (CHO), waiting for my flight to Dulles (IAD)

Having recently completed an 800 foot runway extension, CHO is about to spend $4 to $6 million.

Nate Delesline with the Daily Progress reports:

A reconfigured security screening area and new, larger public restrooms — before and after the TSA checkpoint — are among the elements that likely will be the most visible changes for travelers.
In addition, the terminal’s deli and gift shop will be relocated; passenger departure and seating areas will be expanded; electronic gadget charging stations will be added; a business center will be added upstairs; and the terminal’s escalators will be replaced.

Having easy access to such a nice airport is a positive for many who are seeking to purchase in the area. I can’t count the number of times an incoming client has asked about CHO. My response has always been that when it works – departure and arrivals are smooth and on time – it’s a beautiful thing. When it doesn’t, the hubs that CHO feed are nice. 🙂

A question – how much larger will the (can the?) airport grow? How will it affect the area surrounding the airport?

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Getting Involved in Charlottesville and Albemarle

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We all benefit when there is a more involved and informed populace – better solutions come to light and less legitimate kvetching and complaining takes place when people are aware and informed about the happening
of the (local) government.

I live in Crozet and try to be as informed as possible there. Local media (except for the Crozet Gazette) tend to not cover every meeting from start to finish – and often the most important nuggets of information come from asides in the meetings rather than agenda items. Charlottesville Tomorrow reports on nearly everything, but the reporting doesn’t capture the asides.

I knew I had to write this story when a client wrote this:

I’m eager to read your post on this — it’s difficult to volunteer with a child in tow, and too expensive to put a child into daycare on a regular basis in order to volunteer.

So, so true. I couldn’t attend any of these night-time meetings if my wife didn’t allow me the flexibility … I can’t see taking my little one to any of these meetings.

Click through to read some of the responses to the question of how (and why) to get involved in Charlottesville and Albemarle –

My question for you is – are you involved? How? Why?

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Tweeting Albemarle Community Advisory Council Meetings

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I attended last night’s Crozet Community Advisory Council meeting, tweeted as much as I could and just put together a Storify of the meeting. Albemarle has a few of these Advisory Councils:

Crozet Community Advisory Council, Pantops Community Advisory Council, Places 29 (29 North), Village of Rivanna (east of Pantops) – and there are vacancies on the Pantops, Places 29 and Village of Rivanna Councils.

Here’s the thing – I learned a ton by being at and live-tweeting the meeting, and I noticed that I was getting interaction and questions from other people on Twitter who were unable to attend the meeting. I’ve made no secret of my affinity for Charlottesville Tomorrow; they are invaluable and their recent partnerships with the HooK and C-Ville will prove moreso.

But … having someone in the meeting engaging the community following was super-valuable. I’ve noticed this in Crozet several times as a watcher – one following the meeting from the outside. I’m interested in what’s happening at the meeting, but can’t attend (kids, work, family, etc) and a live-stream wouldn’t be as useful as tweets.

Take a look at the storify from last night’s Crozet meeting – there were a couple things in there that likely wouldn’t have made any story published elsewhere – they’re asides, but valuable asides, and mentions that don’t warrant individual stories. They’re valuable tweet-worthy asides.

What’s the point? The point is this –

If you can, find your way to community meetings – particularly ones that aren’t covered by media – and get involved, tweet the meetings and tell others. A lot of stuff happens and gets discussed in these meetings, and most often, the wider public learns about them after decisions are made.

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Remove Cash Proffers in Albemarle?

in Albemarle Growth on

If not cash proffers, what?

An interesting proposal from the Free Enterprise Forum to remove cash proffers from Albemarle County’s toolbox for managing new growth. I’m curious to know what alternatives exist that would replace proffers. Proffers are not always effective at restricting growth or helping the County achieve the desired revenue stream to support infrastructure development.

Impact fees, adequate public facilities regulations and legislation … what else could be done so that new homeowners don’t bear the full burden of growth? (it’s not merely mean old rich developers who pay the fees … they pass those fees on to new homeowners). This is one bill that failed in the Virginia General Assembly a few years ago – Conditional zoning; replaces cash proffer system with system of impact fees.

The only answer which I can come up with now is that there is no easy answer as to how to pay for the impacts of growth and the lack of sufficient infrastructure, other than we can all agree that both need to be paid for, but we want someone else to pay for it.

I’m curious as to how many developments have gone by-right (not needing a rezoning) because going through the proffer/rezoning process and paying the proffers were cost-prohibitive.

If you’re curious about impact fees (which I believe are traditionally fought by real estate/developers, but I could be wrong), spend a few minutes reading the Virginia Code

A. Any locality that includes within its comprehensive plan a calculation of the capital costs of public facilities necessary to serve residential uses may impose and collect impact fees in amounts consistent with the methodologies used in its comprehensive plan to defray the capital costs of public facilities related to the residential development.

B. Impact fees imposed and collected pursuant to this section shall only be used for public facilities that are impacted by residential development.

C. A locality imposing impact fees as provided in this section shall allow credit against the impact fees for cash proffers collected for the purpose of defraying the capital costs of public facilities related to the residentialdevelopment. A locality imposing impact fees as provided in this section shall also include within its comprehensive plan a methodology for calculating credit for the value of proffered land donations to accommodate public facilities, and for the construction cost of any public facilities or public improvements the construction of which is required by proffer.

D. A locality imposing impact fees under this section may require that such impact fees be paid prior to and as a condition of the issuance of any necessary building permits for residential uses. ¶

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Some Segments of the Charlottesville – Albemarle Market Have Turned

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At least, after showing dozens of houses over the past few days and seeing many desired homes go under contract before my clients could get to them, this is my conclusion: Some segments of the Charlottesville – Albemarle real estate market have turned.

Not all. Maybe not most, but several, possibly even many micro-segments of the Charlottesville real estate market are seeing remarkably low, unhealthily low levels of inventory.

For example:*

In the Baker-Buter and Hollymead elementary school districts:

There are currently 36 single family homes under contract.

– 26 of those have continuous days on market of less than 30.

– 19 have continuous days on market of less than 7!

In Crozet and Brownsville elementary school districts:

There are currently 63 single family homes under contract.

– 44 of those have continuous days on market of less than 30.

– 36 have continuous days on market of less than 7!

In the City of Charlottesville:

– There are currently 69 homes listed as being under contract.

– 32 have continuous days on market of less than 30.

– 17 have continuous days on market of less than 7!

For Charlottesville + Albemarle:
– There are currently 323 homes under contract.- 121 have continuous days on market under 7. Holy. Cow.– But. 68 of those 323 homes have days on market of at least 180. – YOUR market will vary.

What does this mean?

For buyers – get ready. Be prepared (to be frustrated as well as ready to move fast). Be pre approved. Identify your target micro market, and be ready to act quickly. Bidding wars are happening. Houses are going under contract in days rather than weeks. Scheduling showings on Monday for a Saturday showing is no longer an option.

For sellers – now could be the best time in 7 years for you to sell. But … you might not have a place to move into.

* Excluding new construction. If you want new construction in Charlottesville or Albemarle, it’s everywhere; you can get it.

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New Construction in Charlottesville and Albemarle

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In short – there’s lots of new construction in Charlottesville and Albemarle.

It’s been said that 2013 is the year of the return of the spec house; we’re seeing more new construction than we’ve seen in years. Buyers have more options, sellers have more competition.

Four important and relevant stories before we get started:

– Why take a Buyer’s Agent to new construction?
– Buying new construction without a Realtor? Read this first! (note: this builder is now no longer doing business in Charlottesville, but we have two national (and maybe a third on its way) builders now and many builders use their own contracts – caveat emptor – or: hire competent buyer representation!)
– Charlottesville – A Healthy Housing Market (for New Construction) – With some Context

– The most important home inspection in the new construction process

The evolution of the new construction market in Charlottesville* has been one where there were once dozens of homebuilders and now there are a handful. And that handful are building. A lot.

The ramifications of all of this construction are many. A few to start:

– Increased competition for existing homes
– Denuding of the landscape
– More choice for homebuyers
– The opportunity for homebuilders to differentiate themselves is more challenging than ever … if everyone offers granite and everyone offers hardiplank and everyone offers an open floor plan …
– Those seeking to purchase homes now with resale in mind (that should be all of you) need to keep at least two things in mind:
1) The siting of the house matters (location, location, location)
2) You’re likely to be competing against new construction for quite some time.
– Some of the neighborhoods on the map have 5-10 homes to be built (Evangeline for example), some have 10-50 (Dunlora Forest) and some have 100+ (Old Trail)


View New construction in Charlottesville in a larger map

Real estate is local – and I’m thinking that our area may be leading the charge in a return to new construction.

Mike Simonsen from Altos Research writes (read the whole post – he describes a lot of important topics and segments of the real estate recovery):

Since 2007, new housing starts have been anemic. The long-term average construction rates are about 1.5MM homes per year. In the last six years, we’ve averaged well under 1MM. And since 2009, the average is closer to 500,000. Meanwhile population and household formation keeps on trucking. The over-construction that happened in the bubble is a distant memory. See the chart to the right. Construction volume under the orange line are “undersupplied” conditions. The homebuilders imploded so profoundly after the bubble, that we haven’t had this few new homes being built since 1959.

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