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Regional & National

Bristol, Va., property owners told to get ready for assessment increases

March 9th, 2009 12:00 am by Staff Report

The Bristol Herald Courier is reporting that the city homeowners can expect residential values expected to increase from 15 percent to 20 percent.

“Overall, it’s probably about 20 percent for residential, but some properties don’t come close to 20 percent. Older properties, in older parts of town, will probably be less than that,” City Commissioner of Revenue Terry Frye told the Herald Courier. “High-growth areas around [Interstate 81’s] Exit 7 will be more than that.”

Assessors also analyzed local home sales data and commercial growth.

“We study sales in a locality since the last reassessment, but we really look at the last six months to a year,” Kite said. “Even though – as our president says – we’re in a crisis right now, sales values in this area have shown an upward trend.”

Higher values amid a struggling economy and the national mortgage meltdown might seem out of place, but a new report by the Federal Housing Finance Agency shows homes in both Bristols and Kingsport continue to buck the national trend.

CLICK HERE for the full report.

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