AGENDA DATE: 1/17/2024
TITLE:
Title
Calendar Year 2024 Real Estate Reassessment Update
BODY
SUBJECT/PROPOSAL/REQUEST: Receive the presentation of Calendar Year (CY) 2024 Real Estate Reassessment
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Rosenberg, Bessette, Sumner, Bowman, Lynch
PRESENTER (S): Peter Lynch, County Assessor
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Albemarle County Code ?15-700 requires all real estate in the County to be assessed annually as of January 1st each year and requires the County Assessor's Office to conduct a new reassessment. The Constitution of Virginia, Article X, Taxation and Finance, Section 2, Assessments dictates that "all assessments of real estate and tangible personal property shall be at their fair market value, to be ascertained as prescribed by law." State Code ?58.1-3201 requires all real estate assessments to be made at 100% of fair market value.
The Real Estate Assessor's Office has completed the annual reassessment process for CY 2024 and notices are scheduled to be mailed to property owners on or before January 26, 2024. Information traditionally provided by the County Assessor's Office includes the average overall change in assessed value and average change for different property classes. Additional detail is provided regarding single family residential properties, which comprise the vast majority of properties in the county.
Property owners who wish to request a review of their annual reassessment to the County Assessor must do so by February 28, 2024; this level of appeal is referred to as an Assessor's Review and is allowed by County Code ?15-702. Appeals may also be made to the Board of Equalization if filed by April 1, 2024, or 30 days after the County Assessor has rendered his decision on a previously requested Assessor's Review, whichever is later.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all ...
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