Charlottesville releases 2018 real estate reassessment

The Charlottesville City Assessor’s Office has completed the 2018 reassessment. Of the 15,040 taxable properties, residential parcels increased by an average of 6.7%. Commercial properties (including apartments, retail, office, industrial, vacant land) increased by an average of 2.6%. When residential, commercial, and new construction are averaged together, taxable properties in the City increased by 5.7% in 2017.

Additional details of this year’s figures include:

• Residential properties
  • Assessments for existing residential property increased in value by 6.7%
  • 86.8% of residential assessments increased in value, 3.9% declined, and 9.2% did not change
• Commercial properties
  • Assessments for existing commercial property increased in value by 2.6%
  • 50.9% of commercial assessments increased in value, 25.8% declined, and 23.4% did not change
• Combined existing residential and commercial property increased in value by 4.9%
• New construction value included for 2018 is 0.85%
• When new construction and reclassifications are added to the value of the existing property, the total value of property in the city increased by 5.5%

General FAQ’s about the City Assessor’s Office and assessment process can be found at www.charlottesville.org/assessor. The City Assessor’s Office can be contacted via telephone at 434-970-3136, Monday–Friday, 8 a.m. to 5 p.m.