AGENDA DATE: 1/21/2026
TITLE:
Calendar Year 2026 Real Estate Reassessment Update
SUBJECT/PROPOSAL/REQUEST: Receive the presentation of Calendar Year (CY) 2026 Real Estate Reassessment
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Herrick, Ruege, Sumner, Bowman, Lynch
PRESENTER (S): Peter Lynch
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 1 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.” Also, 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 2026 and notices are scheduled to be mailed to property owners on or before January 23, 2026. Property owners who have signed up for e-statements should receive their notice through email as long as no change has been made to their information such as their mailing address. 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 details are provided regarding single family residential properties, which make up 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 March 2, 2026; 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 March 30, 2026, 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 community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: Preparation of mass appraisals that result in fair and equitable assessments requires the work of competent, well-trained personnel in the Real Estate Office in their application of assessment principles and best practices, adherence to Virginia Code and Albemarle County Code, compliance with regulations promulgated by the Virginia Department of Taxation, and guidelines established by the International Association of Assessing Officers (IAAO). The goal of assessment tax policy in Virginia is to fairly spread the tax burden across the population of the county based on the value of the property.
The focus of the Assessor’s Office in preparation for the 2026 reassessment was to continue the individual review of as many properties as possible, updating property descriptions as needed, to create more accurate assessed values. The office attempts to review 20% of properties each year. Starting in 2025, we switched from a focus on completing these reviews through in-person site visits to the analysis of aerial photography. While it is possible to gain more details through an in-person visit, the analysis of aerial photography allows for more properties to be reviewed each year, provides more safety for the Assessor’s field staff, and reduces the climate impact. The aerial photography system the Assessor’s Office uses allows views from all four sides and straight down and allows for accurate measurement tools. It also allows comparison over time so that staff can see changes to a property. Field visits are still required for new construction, sales validation, requested reviews, Board of Equalization appeals, and for properties for which aerial photography does not provide adequate information. The more accurate the property data in the County’s records, the better the valuation model and assessment results. The switch in inspection priorities will enhance the data on a larger group of properties each year and is expected to have a positive overall effect on assessment quality.
The presentation will include an overview of the reassessment process and outcome for CY 2026, statistical information on reassessment results by magisterial districts, the change in value for the “average” homeowner, and other information. A Frequently Asked Questions (FAQs) document (Attachment A) and a flyer titled “Why Is This Notice Important?” (Attachment B) have been prepared by the Assessor’s staff for distribution to property owners and will be included in the mailing of assessment notices. These inserts have been included as attachments for the Board’s reference.
The mass appraisal of residential properties, which make up most of the value in Albemarle County, is completed through a standard mass appraisal valuation model. We created a document for the public titled “2026 Residential Valuation Model,” which can be found on the Real Estate section of the Finance and Budget Department webpage on the County website. It explains the model's details. The overview of this document is included as Attachment C and explains why we use mass appraisal and how it differs from other appraisal types.
The presentation will also include the results of the 2026 land use revalidation and an update on the amount of rollback taxes assessed in 2025 through the administration of the land use program.
Overall, the intent of this presentation is to provide to the Board an understanding of the Assessor’s Office’s processes for creating the assessed values and detailed results of the CY2026 reassessment in advance of the results being provided to taxpayers through notices of assessment being mailed on or before January 23, 2026.
BUDGET IMPACT: While there is no direct budgetary impact specifically related to this information, the results of the 2026 reassessment will provide important information for the current (FY 26) Budget and the upcoming (FY 27) budget development process.
RECOMMENDATION:
Staff recommend that the Board receive the CY 2026 Real Estate Reassessment report as presented.
ATTACHMENTS:
A - 2026 Notice Flyer FAQs
B - Why Is This Notice Important? Flyer
C - 2026 Residential Valuation Model Overview