What Does it Cost to Live in Albemarle County, VA?

Albemarle County is an area full of charm, history, beauty, and plenty of activity. It’s no wonder you decided it’s a great place to move!

Deciding to move to Albemarle County is easy. But have you considered all the external factors that impact your move? We’re here to help. One big thing that will affect your move is cost—not just cost of the house itself, but cost of living.

Your cost of living is the amount of money required to cover basic needs in a particular town or city, which will vary depending on the place.

In addition to things like groceries, taxes, and healthcare, you should consider entertainment, dining, and activities. Your cost of living is certainly dependent on the cost of the house, but all of these outside factors also must be considered as long-term costs.

Understanding Local Taxes

Real estate taxes are the same as real property taxes. Based on the assessed value of your home, these taxes are typically broken down into monthly charges added to your mortgage payment. The collected taxes go to community needs such as infrastructure, public services, and schools.

In Albemarle County, real estate taxes are reevaluated on a yearly basis and bills go out in the spring and fall. Before bills are issued for the year, the Board of Supervisors meets to determine any tax rate changes.

The current rate is $.854 per $100 of assessed value. So what does that mean to you? Use this formula to determine real estate taxes: 

Assessed value of home x mill levy (tax rate) = real estate taxes

Also consider personal property taxes. According to the Albemarle County site, anyone living in the county who owns a “motor vehicle, motorcycle, boat, boat trailer, mobile home, aircraft, camper, or utility trailer” must pay property taxes.  Personal property taxes do not include homes. The current rate is 4.28% of the assessed property value, and the county collects personal property taxes twice a year.

Finally, the combined county and state retail sales tax is 5.3%.

Understanding Cost of Utilities

Your cost of utilities includes electric, phone and internet, water and sewer, natural gas, and trash and recycling. Your cost depends on how much you use these utilities and, in some cases, which provider you use for your utilities.

Median utility rates for the Albemarle County Service Authority and the city of Charlottesville are:

  • Albemarle County Service Authority, Water and sewer: $60.67/month
  • Charlottesville Department of Utilities, Water, sewer, and gas: $118.36/month

Your phone and internet bill will be determined by the type of service you want from the phone and internet provider you choose.

Other Considerations

The cost of living in Albemarle County is slightly higher than that of the national average. Although utilities, groceries, and health care are on par with the rest of the country, the median home cost is much higher. 

Other considerations include the cost of clothing, restaurants, repairs, and entertainment, which also are slightly higher in Albemarle County than the national average.

Albemarle County is a beautiful and fun place to live! If you want a fuller look at the cost of living and how it impacts you, talk to a local real estate agent. The team at Denise Ramey Real Estate is happy to help you assess the full cost of your future home and life in Albemarle County!