Real estate assessments down - NBC12 - WWBT - Richmond, VA News On Your Side

Real estate assessments down

CHESTERFIELD, VA (WWBT) - Chesterfield County homes are losing value according to county financial experts.

Homeowners aren't happy about it nor is the county.

"Once they receive the notices, yes we get pretty heavy calls," said Real Estate Assessment Director Johnathan Davis.

Homeowners may believe their home is worth more than the county says it is, but the numbers are as close to accurate as possible.

"We do massive appraisal method and we monitor the market very closely," said Davis. "So yes, our values are fairly accurate, very accurate reflecting what has happened in prior years market."

From 2010 to 2011 the overall assessment is down about 5 percent for the county. Bad news also for those who are trying to sell or refinance their homes.

"It's funny because just today we started getting some phone calls from sellers," said Century 21 Broker Jeff Tuck.

Tuck has to answer to clients who just received their assessments in the mail; Clients who worked hard to up their home value in this down economy.

"It's not a fun phone call sometimes and it's not a fun face to face meeting, but it's just something you have to deal with," said Tuck.

It is definitely a buyers market, but sellers are hurting bad.

"The negative affect for a home seller, if they're thinking about refinancing, is that it's going to make it harder to get the value where they want it to be, where they're hoping it's going to be," said Tuck.

Chesterfield homeowners do have the option of appeal.

You may have made changes to your home that the county doesn't know about. You can call them, but you have until March 15th.

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