AGENDA DATE: 2/7/2018
TITLE:
Title
2018 Real Estate Reassessments
BODY
SUBJECT/PROPOSAL/REQUEST: Discussion/Presentation Regarding 2018 Real Estate Reassessments
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Letteri, Kamptner, Lynch
PRESENTER (S): Peter Lynch, County Assessor
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Albemarle County Code ?15-1000 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 new reassessments. 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, County Code ?15-1000 (C) 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 2018 and notices are scheduled to be mailed to property owners on January 26, 2018. Among the information traditionally provided by the County Assessor's Office is the average change in assessed value. For 2018 the average property value increased by 2.2%. However, the majority of properties' assessed values have changed by an amount either greater than or less than the 2.2% average, and in many instances, the 2018 assessed values are substantially different than the average.
Property owners who wish to appeal their annual reassessment to the County Assessor must do so by February 28, 2018; this level of appeal is referred to as an Administrative Review and is allowed by County Code ?15-1002. Appeals may be made also to the Board of Equalization, if filed by March 30, 2018 or 30 days after the County Assessor has rendered his decision on the Administrative Appeal. The March 30 deadline is new this year, changed from March 15.
STRATEGIC PLAN: Qual...
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