How Am I Taxed in the Charlottesville Area?

Real Estate, Personal Property, and Other Taxes in Central Virginia

This post has information and links relating to real estate, personal property and other taxes in the Charlottesville area. This Central Virginia area consists of Albemarle County, the City of Charlottesville, Fluvanna County and Greene County. 

Realtors are often asked the question, “How will my personal income in the Charlottesville area be affected by taxation?” Taxation rates for real estate, personal property, and sales in Central Virginia are determined by where you live. This is because they differ among the counties and the City of Charlottesville. Real estate taxes are based upon the annual assessment rates in your area. Personal property taxes are based upon all of the movable assets you own. Other taxes to consider include sales on sundries, food, dining out, and even owning a dog (licensing).

REAL ESTATE TAXES 

The local county and city governments in Virginia use yearly (January) assessments to set real estate tax rates. You can calculate your real estate tax by dividing the assessed value of your property by 100 and multiplying that number by the set tax rate of the county or city. Property owners can now benefit from the new tax laws. Real estate and local property taxes can be deducted for 2018 if they were assessed and paid for during 2017. This is a big plus for Central Virginia where property taxes are already lower than other parts of the state. Other information about federal credits and deductions can be found on the IRS website page Credits and Deductions for Individuals. 

PERSONAL PROPERTY TAXES

Similar to Real Estate Taxes, Personal Property Tax is assessed annually. Included are all of the vehicles you own such as cars, trucks, boats, trailers, mobile homes, planes, etc. This tax is based upon your vehicle’s value and is designed to help your local government.

SALES TAX

The Virginia State Sales Tax Rate is currently at 4.3%.  The City of Charlottesville and the surrounding counties have an added 1%, making the sales tax for our area at 5.3%.

Helpful Information Links:

ALBEMARLE COUNTY:
      Albemarle County Finance Department
      Albemarle County Property Tax Rates for 2018

CITY OF CHARLOTTESVILLE:
     City of Charlottesville Treasurer Department

FLUVANNA COUNTY:
     Fluvanna County Treasurer Department

GREENE COUNTY:
    Greene County Treasurer Department

 

We invite you to visit our other related posts here: Finances for Home Owners

 

If you are considering purchasing or selling a home in the Charlottesville area, please allow me the opportunity to help you put the pieces together.  Virginia Gardner, Roy Wheeler Realty Co., (434) 981-0871Email Virginia