Hanover County real estate has lost nearly $200 million in value since last year, supervisors learned yesterday from the county's chief assessor, John W. Nelms Jr.The average price of homes sold is down from $347,400 in 2008 to $271,200" in 2009. That equals a 22% drop in value, not a 1.5% decrease.
The overall decrease of 1.5 percent in value represents a nearly $195 million decline in residential real estate and a $2.8 million decline in commercial real estate, Nelms said. Assessments were calculated based on sales through the end of October, he said. Values changed on about 10,500 parcels, most of them in the central to eastern part of the county between Ashland and Mechanicsville.
sold in the county also is down, from $347,400 in 2008 to $271,200 in the most recent report, he said. That figure doesn't necessarily indicate a decline in the value of any specific property, however.
Next week all Hanover County Property Owners will be receiving their Real Estate Assessment. Even if your assessment stayed the same, you need to consider appealling your assessment.
Here is an overview of Hanover County Real Estate Values from city-data.com.
Please join us on Thursday January 7th @ Bass Pro Shop in Ashland. We will have informed citizens explain why and how to appeal you RE tax assessment.