ROANOKE, Va. (WDBJ) – Many homeowners in the town of Roanoke might be surprised when they open their real estate appraisals.
After several years of moderate increases, residential property values ââhave jumped, in some cases, by double digits.
And that means the amount of taxes paid by homeowners will likely increase as well.
âLast year, economists predicted a V-shaped economic rebound, and Roanoke is no different,â said Susan Lower, director of real estate appraisal for Roanoke. In a briefing for Roanoke City Council members on Monday afternoon, Lower said the city is experiencing its biggest increase in real estate values ââin about 15 years.
While commercial real estate appraisals only rose about 2%, single-family homes rose an average of 11%.
âNow that doesn’t mean every person gets 11%,â Lower told city council. âYou know everything is sales driven, so if we’ve had a lot of sales activity in the last year in a particular neighborhood, it could be over 11%. It may be less. “
For a home valued at $ 175,000, an 11% increase in the assessment would increase the tax bill by $ 234.85, assuming the city’s tax rate remains the same.
City Manager Bob Cowell acknowledged the impact on homeowners.
âThe good part of it is that it means that people’s property values ââare worth more than before,â Cowell said at the meeting. âThe downside to that means everyone’s tax bills are going up as well. For us, of course, as mentioned, this also means that the income is increasing. “
Homeowners can dispute a review if they believe the supporting information is incorrect.
The deadline to appeal to the city’s Real Estate Appraisal Office is February 1.
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