News
By Kathleen Meyers
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December 1, 2004
Residents of Charlottesville and Albemarle County as well as University students will face an additional rise in the cost of living in the upcoming year.
City and County assessors forecast another year of real estate assessment increases, which means higher property prices, a rise in taxes and higher rental prices.
In the past six years, the City and the surrounding area have experienced an annual increase of 10-12 percent in real estate assessments, City Assessor Roosevelt Barbour said.
Preliminary numbers suggest that this year's increase in real estate assessments for the City may be as much as 12-15 percent, Barbour said.
Real Estate assessments are determined for each of the City's 30 residential and 12 commercial neighborhoods on an annual basis.
A rise in the values of homes for sale has a direct bearing on surrounding homes that are not for sale, Barbour said.