Albemarle real-estate values take a 3 percent hit | Daily Progress

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Real-estate values in Albemarle County fell more sharply in 2011 than the previous year, according to assessment values released Wednesday by the county. Overall, assessment values dropped 3 percent after a 1.24 percent decrease in the numbers assessed in early 2011.

Single-family residential properties were hit hardest with an average decrease of 3.05 percent.

?We?ve seen declines for the past three years,? Assistant County Executive Bill Letteri said. ?While we?re seeing some positive signs, it?s fair to say this is an excellent buyer?s market.?

Multi-family residential properties fared the best, experiencing an increase of 5.17 percent. Letteri said such an increase in multi-family housing values was expected.

?There?s pen- up demand for that given the economy,? he said.

Commercial properties also saw an increase of 0.94 percent.

Average percent decreases by magisterial district are:

Rio: -1.69 percent

Jack Jouett: -3.68 percent

Rivanna: -0.98 percent

Samuel Miller: -3.43 percent

Scottsville: -1.06 percent

White Hall: -3.61 percent

Town of Scottsville: -4.52 percent

Letteri said the county had projected the 3 percent decrease.

Based on that prediction, the Board of Supervisors several months ago directed staff to develop a fiscal year 2013 budget based on an equalized tax rate, which would allow the county to bring in the same amount of revenue through real estate taxes as in the previous fiscal year.

?We were expecting that [assessments would drop], and that's why we are looking at a maintenance tax rate, but that's not a done deal,? said Supervisor Duane E. Snow. ?I'm more likely to [support an equalized rate], but I'm still not making that decision until I see where we are, and by that I mean looking at our budgets and if we're spending wisely ... We still have a lot of work to do.?

If the board chooses not to equalize and to leave the tax rate at 74.2 cents per $100 of assessed value, they will be forced to shave in excess of $2 million from the budget, Letteri said.

?We would have to take out a lot of services, not hire certain people to balance the budget,? he said.

Supervisor Kenneth C. Boyd said he would consider an equalized rate, but would prefer not to raise the tax rate.

?I'm open-minded,? he said. ?I think we need to look at the expenses really hard ... We have a lot of pots of money sitting around.?

In terms of real-estate values, Albemarle County is weathering the down economy better than other localities, said Letteri.

?It?s a phenomenon we?re seeing all over the country,? he said. ?It?s fair to say Virginia is faring better than most states and certainly Albemarle is faring better than most counties and localities in the state. We?ve been quite fortunate.?

Residents with questions or those who would like to appeal an assessment may contact the Office of the County Assessor at 296-5856.

The deadline for requesting a review with the assessor?s office is Feb. 28 and appeals must be filed by March 15.

Applications for properties qualifying for land use assessments will be accepted until March 1.

Daily Progress staff writer Aaron Richardson contributed to this report.

Source: http://www2.dailyprogress.com/news/2012/feb/01/albemarle-real-estate-values-take-3-percent-hit-ar-1657074/

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