"The city’s annual reassessment shows a preliminary average increase in property values of 6 percent, according to Commissioner of the Revenue June Hosaflook."  Source: Daily News Record, November 27, 2007

Interestingly, one of my clients e-mailed me earlier this week indicating that his assessed value had gone down approximately $2,000 from 2006 to 2007.  Great news relative to his tax burden --- questionable news relative to the one-year change in the value of his house.

Also this week, on WSVA's Home Show, we had a call from another city resident whose assessment decreased.

According to the City, some neighborhoods went up dramatically in assessed value, and some went down year to year.  The common thread in almost all of the neighborhoods was that the land assessment stayed constant or went up --- land almost always appreciates or holds its value.