Wednesday, January 4, 2017

Check your mailbox to find if your real estate assessment changes for fiscal year 2018

2017-assessment-2

Today or no later than the end of the week, as the USPS mail goes, Roanoke City citizens will receive their new residential real estate assessment. That is if it changed at all. If you don’t receive one your assessment is the same as last year whether you liked it or not.

Owners of residential multi-family and commercial properties will receive (or not) notification too. October 5 the first payment on any new assessment will be due.

Roanoke property owners have until February 1 to appeal assessments to the Office of Real Estate Valuation in the Municipal Building.

Generally overall assessment increases are a result of new construction and commercial property increases. With the city being landlocked very few new single family homes are being built. Roanoke City assessment increases can mostly come from rehabilitation of older homes and infill building. A squeeze more in less land space.

City Planning Department has proposed reducing the size of an infill lot from 7000 to 5000 sq. feet.

Susan Lower, Director of Real Estate Valuation, gave a presentation to Roanoke City Council Tuesday morning informing them that this was the first time in five years that residential real estate assessments had increased be it only slightly at .8%.

In an email Lower said that 26,000 notices went out of about 46,000 properties. “We sent out about 10,000 more notices than last year. The majority of the properties went up in value and the overall increase was about 2 %. We inspected about 12,000 properties this year and some went down due to condition issues and field work inspections,” she wrote.

The City’s residential assessed values show a slight overall increase of 0.95% when adding in multi‐family dwellings. The apartment sector continues to show growth.

Commercial properties showed an overall increase in assessed values of 3.92%. Overall the total assessment change is projected to be a positive 2.02%.

See the graphs below:

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Posted By Valerie Garner

Categories: Finance, Politics, Roanoke City Politics

Tags: ,

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