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Tuesday, March 1, 2011

Chesapeake assessments fall more than 3 percent

Find out how much assessments have changed across the city. Search by borough or type, neighborhood and parcel.

For the third straight year, the average residential real estate assessment in Chesapeake has fallen.
The city released its annual assessment report this afternoon showing real estate assessments dropped 3.13 percent this year, an improvement from the 5.3 slide from 2009 to 2010.

The boroughs with the most significant drops were within the Tax Increment Financing district in South Norfolk at 4.19 percent and Western Branch at 4 percent. Individual subdivisions saw anywhere from 2.9 increase in Forest Lakes to a 21 percent decline in Sharon Estates, which is in a rural part of the city.

The average sale price of a new single-family home dropped 2.5 percent to $351,311, while existing home sale prices went up 2.6 percent to $293,489. The number of sales for both new and existing homes also dropped.

Record foreclosures in 2010 reached 1,003, with the highest number coming from single-family homes accounting for 724. August, September and October had the highest foreclosure rates throughout the year with 99, 106 and 115 respectively. There were 624 foreclosures in 2009.

The city mailed assessment notices today. Residents can begin appealing as soon as they receive their notices. The board of equalization will hear unresolved complaints through April 29.

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