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Albemarle board keeps property taxable as condos, boosts multi-unit ownership discount to 25%
Summary
The Board of Equalization kept a 101‑unit portion of The Villas at Southern Ridge assessed as individual condominium units but increased the multi‑unit ownership discount from 15% to 25%, lowering the property's assessment after hearing an appeal from the owner of 101 units.
The Albemarle County Board of Equalization on May 12 voted to keep the appraiser's method of valuing a 101‑unit tranche of The Villas at Southern Ridge as individual condominiums but raised the multi‑unit ownership discount applied to the improvements from 15% to 25%. The change will lower the overall assessment for that set of parcels; board members said they preferred adjusting the existing condo assessment rather than reclassifying the property as multifamily.
The appeal was filed by the owner of the 101 units (appellant), who pointed to an $11 million November 2024 portfolio sale and a CBRE…
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