
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, January 20, 1994                   TAG: 9401200206
SECTION: VIRGINIA                    PAGE: C-3   EDITION: METRO 
SOURCE: By DAVID M. POOLE STAFF WRITER
DATELINE:                                 LENGTH: Medium

RESIDENTIAL REAL ESTATE VALUES GROW

Residential property values, a key economic indicator, showed a robust recovery in tax reassessment notices mailed this week to homeowners in Roanoke and Roanoke County.

In Roanoke County, the average increase for residential property was 4.9 percent, nearly twice the average increase registered in the 1993 general reassessment.

In Roanoke, the average increase was 3.2 percent for residential property.

"The real estate market continues to show signs of improvement with robust sales activity in 1993," said Will Claytor, the city's director of real estate valuation.

Property owners will find out how they fared as reassessment notices arrive in the mail. Roanoke mailed its notices last weekend, and Roanoke County mailed its on Wednesday.

The city did not mail notices to property owners whose real estate did not increase in value.

Tax assessments are tied to market prices. An increase in assessment should indicate that a homeowner's investment grew in value during the last year.

The flip side is that most homeowners will pay slightly more in taxes this year, provided the real estate tax rate remains unchanged in Roanoke and Roanoke County.

The deadline for appealing property assessments in the city is Feb. 15. Roanoke County residents who wish to appeal may set up appointments with assessors from Jan. 26 through Feb. 4.

The increase in property assessments - along with new construction - will mean more tax revenue for Roanoke Valley governments.

If tax rates stay the same, Roanoke City Council should have an estimated $1.3 million extra to spend when the new budget year begins July 1. The Roanoke County Board of Supervisors should have an extra $1.6 million.

Salem will not reassess property until 1995.

John Birckhead, the county's director of real estate assessments, said that 1993 home sales showed a strong demand - and corresponding increase in prices - for homes ranging from $60,000 to $100,000.

Claytor said the city also showed a lot of sales of starter homes.

"I think this is a reflection of the fact that interest rates are so low, and more people can afford to enter the market," Claytor said.

by CNB