Good news, C’ville! Latest reports show that property values in Charlottesville continue to rise.
According to a recent article by the Daily Progress, Charlottesville property values have been assessed at a 4.5 percent increase.
What’s to thank for the good news? According to City Assessor Jeff Davis, the rise in property values is, “reflective of an improving economy.” Says Davis, “Houses have been on the market for shorter periods of time and inventory is down some.” Davis cites the introduction of several large developments, like the new Marriott Hotel on West Main Street and the Locust Groves Apartments, as a significant driver in this year’s assessment increase. NBC29 News reports that Charlottesville’s top-rate fire department is also a factor in the property values increase.
The report from the Daily Progress noted that less than 2 percent of residential properties saw a decrease in property value, while 2.3 percent of the city’s commercial properties depreciated.
So, what does a rise in property values mean for you? Whether you’re a seller looking to cash in on your home investment, or a buyer ready to invest in a home, increased property values can be a good thing. To view the assessment for yourself, check out the City of Charlottesville’s website.
Disagree with the recent appraisal? If you’re a property owner interested in disputing an assessment for this year, you can appeal the assessment on or before February 29th, 2016. Appeal forms are available at online and at the City of Charlottesville’s Assessor’s office.
“Assessment” vs. “Appraisal”
“Assessments” and “appraisals” are terms often confused for one another. Here’s Nest’s quick guide on the difference:
- Assessment:
- The value placed on a property by the town or city’s assessor’s office for the purpose of determining the property tax due.
- The town or city combines the assessed value of all the town properties in order to calculate what the tax rate will be.
- Appraisal:
- A report done by an appraiser to determine value.
- An appraiser uses recently sold prices of similar properties, making adjustments for differences between the subject property and the comparables.
- The appraiser takes into consideration what the cost to rebuild the property would be, and the income that a property might produce.
Continue to check the Nest Realty blog for more up-to-date information on the real estate market!
Elise Gosselin is the Marketing Intern at Nest Realty. In her fourth year of studying English literature at the undergraduate level, Elise hopes to apply her talents in writing, communications, problem solving, planning, and creative arts and design while interning with Nest Realty.