In a press release, the county has announced that real estate values in the county have risen by an average value of 30% since the last biannual assessment, in 2005. Assessments increased by 27% in 2003 and the same percentage in 2005. By my math, that’s a 109% increase in property values in the past six years, which is a fantastic rate of return if you’re investing, but not so hot if you have no intention of selling your home.
Note that this is only a calculation of the market value of properties — the rate reflects the realities of real estate prices in the area, and not any taxation decision on the part of the county. Albemarle is free, of course, to adjust their tax rate downward, rather than increase revenues by over a quarter, in order to ease the burden on property owners.
The Hook and The Daily Progress have more.
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