How is the tax rate determined?

The tax rate is set by City Council in the spring of each year. The formula to calculate your taxes is as follows: Assessment divided by 100 X Tax Rate = Annual Taxes.

Example

Real estate valued at $100,000 the annual taxes are calculated as follows:

$100,000/100 = $1,000 x $0.96 = $960.

The semi-annual tax bill is calculated by dividing annual taxes by 2: $960/2 = $480. The tax rate is currently $0.96 per $100. City taxes are paid twice a year to the City Treasurer’s Office on June 5 and December 5, respectively.

Show All Answers

1. Why are assessments determined annually?
2. Why does Charlottesville assess at fair market value?
3. What is fair market value?
4. How does the Assessor's Office obtain information on properties?
5. How are property values determined?
6. What if there are no recent sales on a certain street or block?
7. Why do assessments change from year to year?
8. Why are some properties assessed higher or lower than what they sell for?
9. How does a property owner appeal an assessment?
10. How is the tax rate determined?
11. Does the City offer any other programs for financial assistance?
12. What is the stormwater utility fee?