Chesapeake real estate values up – 1st time in 6 years The Virginian-Pilot good signs. The modest improvement in Chesapeake’s real estate values, a slight pick up in home sales and a rise in home prices indicate a stabilizing market and signs of economic recovery in the region. …
Real estate values in the city turned a corner last year, with overall assessments up nearly 1 percent, the first increase in six years, an annual report shows.
The value of residential property increased 0.34 percent, and that of commercial property jumped nearly 2.6 percent, City Assessor William Rice said in a report to the City Council.
The value of all taxable real estate in the city totaled $22.7 billion, an increase of 0.9 percent after adjustments. The figure reflects revaluations completed Jan. 1.
Boroughs with the largest assessment increases were Pleasant Grove at 0.7 percent, Deep Creek at 0.67 percent, and Butts Road at 0.47 percent.
South Norfolk showed a 0.47 percent decline.
Among subdivisions, Estates of Grassfield, off Dominion Boulevard, had the largest assessment increase at 22.7 percent. Centerville Commons was next at 12.6 percent. Both are new developments.
Neighborhoods with the sharpest declines were Heather Point Condominiums in Greenbrier and Mariners Quay Condominiums in Riverwalk, at minus-12.5 percent and minus-11.9 percent, respectively.