AGENDA DATE: 1/20/2021
TITLE:
Title
2021 Real Estate Reassessment
BODY
SUBJECT/PROPOSAL/REQUEST: Discussion/Presentation Regarding Calendar Year (CY) 2021 Real Estate Reassessment
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Kamptner, Birch, Lynch
PRESENTER (S): Peter Lynch
LEGAL REVIEW: Not Required
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." 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 the 2020 Tax Year and notices are scheduled to be mailed to property owners on January 29, 2021. Among the information traditionally provided by the County Assessor's Office is the average overall change in assessed value. At this time, we are still completing our quality control on the county's more than 47,000 parcels.
Property owners who wish to request a review of their annual reassessment to the County Assessor must do so by February 28, 2021; this level of appeal is referred to as an Administrative Review and is allowed by County Code ?15-702. Appeals may also be made to the Board of Equalization, if filed by March 30, 2021 or 30 days after the County Assessor has rendered their decision on a previously requested Administrative Review, whichever is later.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public fun...
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