HENRICO, VA (WWBT) – Henrico homeowners are likely to see another drop in their assessed values when new notices are mailed this week.
According to figures provided Monday to NBC12, the average single family home's assessed value in Henrico fell from $227,000 to $215,600 in the past year, for a 5.1% decrease. The drop results in a reduction of approximately $100 on the average property tax bill.
"It's a mixed story, if you will. The drop in residential is not as significant as what we had anticipated," said County Finance Director John Vithoulkas.
Overall, real estate assessed values decreased 3.3%, which includes residential and commercial properties.
The drop reduces Henrico's tax base by just over $1 billion this year, on top of similar drops in years past. However, Vithoulkas said an offsetting tax increase is "not in the lexicon". The county's residential tax rate is $.87 per $100 of assessed value.
Assessment increases were noted in multifamily and other commercial properties, including hotels, motels, and mini-storage, Vithoulkas said.
Gary Duda, broker/owner of ReMax Action Real Estate said assessments don't always fall in line with the housing market. He noted that while home prices are down in the Richmond region, sales are increasing.
"Whether the assessments are up, down, or sideways...people are buying homes right now, and that's exciting," Duda said.
Reassessment Change Notices will be mailed to county property owners beginning this Friday, said Vithoulkas, who is also a deputy county manager.
Those who wish to appeal their assessments are encouraged to contact Real Estate Assessment Director Tom Little at 501-5346 or by e-mail: firstname.lastname@example.org.