New assessed values have been calculated for the City of Harrisonburg.  These new assessed values will determine the property taxes that each property owner will pay in 2013 --- and the values are based on sales data from the previous year.

Harrisonburg has 12,531 taxable parcels, and roughly 9,000 of those parcels will see a change in their assessed values (and thus property taxes) for 2013.

How does this 1% overall decline in City property values compare to what we've seen in the Harrisonburg Rockingham Association of Realtors Multiple Listing Service (HRAR MLS)? 

• The median sales price of all properties in the City of Harrisonburg during 2011 was $164,413 (per the HRAR MLS).
  
• That figure declined to $159,500 based on sales thus far in 2012 (per the HRAR MLS).
  

Thus, the HRAR MLS shows a 2.9% decline in residential property values between 2011 and 2012 --- so an overall 1% decline in all City property values seems to be very close to what we have seen in HRAR MLS sales data.  In fact, looking closer at the City data, they break it down as follows:

• Single Family Homes - down 2%
• Townhouses - down 2.5%
• Condominiums - down 8%

This 1% decline in assessed values may or may not be accompanied by a change in Harrisonburg's property tax rate.  That rate increased from $0.59 (per $100) to $0.63 (per $100) effective July 1, 2012.  City Council will discuss the property tax rate when the City develops the 2013/2014 budget.

Click here to read today's full Daily News Record article on City assessments.