Real Estate Values Drop 1.5% In Hanover

Dec. 15, 2009

This year’s assessment has been completed and Hanover’s Chief Assessor calculates that the total value of the County’s real estate dropped by 1.5% from the previous year.

John Nelms told the Board of Supervisors last week estimated that County real estate lost about $198 million in value, about $195 million of it being residential value. The assessment was based on 2009 sales through mid-October.
         
Values changed on approximately 10,500 parcels, with only 56 being increased. Of the 48 neighborhoods that experienced a changed value, values went down in 46 of them. Values decreased on both new and existing homes.

About half of the year’s sales took place on houses valued between $200,001 and $300,000. Single-family homes on sale in early December had been on the market for an average of 111 days, almost the same as a year ago, but the average asking price had dipped from $417,600 in Dec. 2008 to $384,280 this month.

About $114.6 million in new construction was recorded this year (residential and commercial). However, overall the tax base decreased about 0.44%.

Notices will be mailed later this month. Property owners can request a review of their reassessments between Jan. 4-22, 2010. For more information call 804-365-6029 or visit http://www.co.hanover.va.us/assessor/default.htm