The Albemarle Board of Equalization convened on May 12, 2025, to discuss a significant property assessment appeal concerning a recent sale and appraisal values. The current assessment of the property in question stands at $18,000,432,700, reflecting a 7.6% increase from the previous year.

The appeal was initiated by the current investor, who purchased the property for $11,000,000 in November 2020. The investor argues that this sale price, along with a recent appraisal conducted by CBRE, which valued the property at $9,000,000, supports their request for a reassessment. The appraisal utilized various approaches, including a cost approach and a sales comparison approach, both concluding values around $9,000,000.

During the meeting, the investor presented detailed financial analyses, including gross potential rent figures and expense ratios. The gross potential rent was reported at approximately $1,660,000, while actual rent collected was slightly lower at $1,495,181. The investor noted a vacancy loss of $71,384 based on a CoStar vacancy rate of 4.3%. Current expenses were reported at $847,452, which the investor attributed to the property's age and condition, indicating a higher-than-average expense ratio.

The investor emphasized that while they are not contesting the appraisal's evaluation directly, they are requesting that the property be reassessed at the purchase price of $11,000,000. The meeting highlighted the complexities involved in property valuation and the factors influencing assessment decisions.

As the Board deliberates on this appeal, the outcome could have implications for future property assessments in Albemarle County, particularly regarding how sale prices and appraisals are weighed in determining property values.