Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Board debates whether 101‑unit portfolio should be taxed as condos or apartments; keeps condo approach
Summary
Appellant argued assessor should value 101 units in Country Green as a multifamily property; the board declined to reclassify but agreed the owner should receive a larger bulk‑ownership discount.
At the May 12 hearing the owner of 101 units in the Country Green (Villas at Southern Ridge) development asked Albemarle County's Board of Equalization to value their holdings as a multifamily property rather than as individual condominium units. Appellant representatives said the investor operates the tranche as rental apartments, cited a November 2024 portfolio sale for $11 million, and submitted a CBRE appraisal that used…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
