Real estate taxes in Charlottesville, VA are assessed by the Office of the Real Estate Advisor. According to Virginia Code 58.1-3503, the Revenue Commissioner of the City of Charlottesville uses the “clean exchange value” established by J. D. Power (NADA) as fair market value.
This value is then used to calculate the property tax rate, which is set by the City Council. Property taxes are an important source of revenue for local governments, and Charlottesville is no exception. The City Council sets the property tax rate each year to ensure that the city has enough money to provide essential services such as police and fire protection, public works, and parks and recreation. The property tax rate in Charlottesville is currently $1.20 per $100 of assessed value.
This means that if your home is assessed at $200,000, your annual property tax bill would be $2,400. The City Council can adjust the rate each year, so it's important to stay informed about any changes that may affect your tax bill. In addition to the property tax rate, there are other factors that can affect your tax bill. For example, if you own a business in Charlottesville, you may be eligible for certain exemptions or credits that can reduce your tax liability.
It's also important to note that some properties may be subject to additional taxes or fees, such as those imposed by special taxing districts or local improvement districts. If you have questions about your property taxes in Charlottesville, VA, contact the Office of the Real Estate Advisor for more information.
