UVA's Tax Exemption Causes $330K Annual Property Tax Loss in Albemarle County
What happened
UVA Health purchased land and buildings in Pantops. Because the University of Virginia is tax-exempt, this purchase is causing a property tax loss for Albemarle County. Reports estimate this annual loss to be approximately $330,000.
From 29news.com
Why it matters
The tax-exempt status of the University of Virginia within Albemarle County results in a direct loss of property tax revenue for the county. However, some observers suggest that the expansion and upfitting of the property could generate positive economic activity and ancillary benefits for the area.
From 29news.com
Who's involved
- University of VirginiaThe public university whose tax-exempt status is the cause of the tax loss.
- Albemarle CountyThe county experiencing the property tax loss.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Albemarle CountySpeculative
Albemarle County might see a reduction in tax revenue, impacting county funding.
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The entities involved
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University of Virginia
public university in Charlottesville, Virginia
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Albemarle County
county in Virginia, United States