City Sees First Drop in Value of Real Estate

Summary

---

For the first time in its history, Roanoke is likely facing an overall decrease in real estate assessments next year, which could spell a $3 million to $4 million loss in tax revenue, the city council was told Thursday morning.

While the city real estate assessment office reduced values in several neighborhoods, the total assessed values increased slightly last year, according to a presentation to the council by Susan Lower, director of real estate valuation. That was attributed to a small amount of new residential construction in the city.

See the full content of this document

Extract

---

City Sees First Drop in Value of Real Estate

But looking at data through June 1, assessed values are running at 100 percent of market value - higher than the 93percent where Lower likes to see it. So she'll have to correct values again.

"You should exp...

See the full content of this document

---