Chesterfield property values decline for second year

By Laura Geller - bio | email

CHESTERFIELD, VA (WWBT) – If you own a home in Chesterfield you'll want to pay attention.  NBC12 has the scoop on the latest property values: the county is seeing yet another drop.  New numbers show residential assessments went down 5% in 2010. That's bad news for some, good news for others.

It all depends on your perspective. If you have no plans to sell your house anytime soon, the decline in assessments is actually good news because it could mean a drop in your property taxes.  But if you own one of the many houses for sale in the county, the drop is exactly what you don't want to hear.

Take Carolyn Troiano as an example. She loves her Chesdin Landing home but was forced to put up a for sale sign 16 months ago.

"We put the house on the market mainly because we just couldn't afford it anymore," she explained.

As the time ticks away, so do the dollars. While she paid $469,000 for it in 2004, this newest Chesterfield assessment places the home at $410,000 dollars.

The decrease is a trend we're seeing throughout the county.  In 2009, the average sale price was about $251,000.  In 2010, that number dropped to $240,000.  That's a decline of almost 5%.

The county said that same 5% drop in residential property values is the third straight year of declines since the market peaked in 2007.

Officials tell NBC12 this is one of the slowest recoveries they've ever seen.  The Richmond Association of Realtors is hoping the worst is over; only time will tell.

"We are seeing prices stabilize and the first step in recovery is stabilization of prices and then we'll see prices begin to rise," said CEO Laura Lafayette.

If you're wondering about your property and how it is assessed, you can contact the county at 748-1321.

Copyright 2011 WWBT NBC12. All rights reserved.