Example of Albemarle County Property Tax Calculation
In Albemarle County, property tax is calculated based on the assessed value of the property. To determine the assessed value, the county assesses the property at a rate of 100% of the market value. For example, if a home in Albemarle County has a market value of $300,000, the assessed value would be $300,000.
Once the assessed value is determined, the county applies the current tax rate to calculate the property tax owed. As of 2021, the tax rate for Albemarle County is $0.854 per $100 of assessed value. Using the same example as before, the property tax owed for a home with a $300,000 assessed value would be:
($300,000 / 100) x $0.854 = $2,562.00
Therefore, the property owner would owe $2,562.00 in property taxes for that year. It is important to note that property tax rates and assessments can change from year to year, so it is important to stay informed and up-to-date on any changes that may affect your property taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Albemarle County Property Tax Rates
Here is a formatted table of Albemarle County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate | $0.839 per $100 |
| Personal Property | $4.20 per $100 |
| Machinery & Tools | $2.28 per $100 |
| Mobile Homes | $0.839 per $100 |
It is important to note that these rates are subject to change and may vary depending on the specific property and its location within Albemarle County. It is recommended that individuals consult with a tax professional or the Albemarle County tax department for accurate and up-to-date information.
Who sets property tax rates in Albemarle County ?
Who sets property tax rates in Albemarle County? The Albemarle County Board of Supervisors is responsible for setting the property tax rates in the county. The board consists of five elected officials who are responsible for overseeing the county's budget and finances.
When are property tax rates set in Albemarle County? The Albemarle County Board of Supervisors sets the property tax rates annually during the budget approval process, typically in the late spring or early summer. The approved tax rates then go into effect on July 1 of that year and remain in effect for the entire fiscal year.
How are property tax rates determined in Albemarle County? The Albemarle County Board of Supervisors considers a variety of factors when setting property tax rates, including the county's revenue needs, expenses, and economic conditions. The board also takes into account any changes in property values or assessments, as well as any changes in state or federal laws that may impact the county's budget. The board may hold public hearings and solicit feedback from residents before making a final decision on the tax rates.
| Who sets property tax rates in Albemarle County? | The Albemarle County Board of Supervisors |
|---|---|
| When are property tax rates set in Albemarle County? | Annually during the budget approval process in late spring or early summer |
| How are property tax rates determined in Albemarle County? | Consideration of county revenue needs, expenses, economic conditions, property values and assessments, and state and federal laws. Public hearings and resident feedback may also be taken into account. |
Homestead exemptions in Albemarle County ?
Here's what the table columns including all county specific Homestead exemptions and deductions in Albemarle County in Virginia look like:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Age 65 or Older | Any individual who is 65 years of age or older | First $200,000 of assessed value | Applies only to the primary residence |
| Disabled | Any person who is permanently and totally disabled | First $200,000 of assessed value | Applies only to the primary residence |
| Veterans | Veterans who are 100% disabled or who are being compensated at the 100% rate due to unemployability | First $200,000 of assessed value | Applies only to the primary residence |
| Surviving Spouse | Any surviving spouse of a person who qualified for the disability or age 65 or older exemption | First $200,000 of assessed value | Applies only to the primary residence |
| Conservation | Property that is dedicated to the preservation of open-space land | 20% to 100% | Must meet certain requirements |
| Rehabilitation | Property that has undergone substantial rehabilitation | 100% | Must meet certain requirements |
It's important to note that these exemptions and deductions apply only to the primary residence and that there are certain eligibility requirements that must be met. Anyone who qualifies for these exemptions and deductions should contact the Albemarle County Office of the Assessor for more information on how to apply.
When is Albemarle County Property Tax due ?
Albemarle County Property Tax is typically due on December 5th of each year. There are several payment methods available to taxpayers in Albemarle County. Here is a list of payment options:
| Payment Method | Description |
|---|---|
| Online | Taxpayers can pay their property taxes online through the Albemarle County website. They can use either a credit card or an electronic check to make their payment. |
| By Mail | Taxpayers can also mail their property tax payment to the Albemarle County Treasurer's Office. The address is listed on the tax bill. |
| In Person | Taxpayers can pay their property taxes in person at the Albemarle County Treasurer's Office on the first floor of the County Office Building. The office hours are Monday through Friday, 8:30am to 4:30pm. |
| Drop Box | There is also a drop box located outside of the County Office Building where taxpayers can drop off their property tax payment. The drop box is available 24/7. |
It is important to note that if the due date falls on a weekend or holiday, the deadline is extended to the next business day. Failure to pay property taxes on time can result in penalties and interest fees.
If you have more questions - contact your local tax collector.
How is Albemarle County Property Tax penalty calculated ?
Albemarle County calculates property tax penalties based on a specific formula. Here is an explanation of how it works, along with an example:
Formula for Calculating Albemarle County Property Tax Penalties
Albemarle County calculates its property tax penalties based on the following formula:
- 10% of the total unpaid tax amount as of February 1st or the date the taxes were due (whichever is later)
- 10% of the total unpaid tax amount as of May 1st or 60 days from the original due date (whichever is later)
- 10% of the total unpaid tax amount as of August 1st or 90 days from the original due date (whichever is later)
If the taxes remain unpaid after these dates, interest accrues at a rate of 10% per year, compounded annually.
Example of Albemarle County Property Tax Penalty Calculation
Let's say that Jane Doe owns a home in Albemarle County with a property tax bill of $2,500 due on December 31st. Jane misses the due date and does not pay the bill until the following year.
Here is how Albemarle County would calculate her property tax penalties:
- February 1st: Jane owes $2,500 + 10% penalty = $2,750
- May 1st: Jane owes $2,750 + 10% penalty = $3,025
- August 1st: Jane owes $3,025 + 10% penalty = $3,328
If Jane still has not paid her taxes by August 1st, interest will continue to accrue at a rate of 10% per year.
It is important to note that property taxes are an important source of revenue for local governments, and failure to pay them on time can result in penalties and interest charges. Property owners should make every effort to pay their taxes on time to avoid these penalties.
We recommend contacting the Albemarle County Tax Office or a local tax professional for the most up-to-date and accurate information.