Assessor: Hanover home values picking up
Real estate values in Hanover County have increased slightly for the first time since the housing collapse.
“We still have a ways to go to get back to where we were in 2009,” said Richard Paul, the county’s acting chief assessor.
That year, the county peaked with $13.1 million in reassessed value, according to county data Paul presented at a Dec. 11 Board of Supervisors meeting. In 2014, the county’s projected tax base will be up 2.11 percent, which is the first time it has gotten out of the negatives since 2009. It increased 0.35 percent.
It was at it’s lowest in 2010 at -.52 percent. Part of the recent increase is because of growth and new construction, Paul said.
A total of 1,115 total building permits were issued for both residential and commercial developments, amounting to $172 million.
“Last time at this year we processed 834 building permits,” Paul said.
Some examples of new commercial construction in Hanover are the Vitamin Shoppe Distribution Center and the Tractor Supply store.
However, most of the new developments were residential. A total of 1,068 building permits were issued for new housing.
In the most recent assessment, about 6.6 percent of the county or 3,000 parcels in 16 areas of the county were assessed. Paul said the areas change from year to year.
The total assessment equaled $41 million.
Home values across the county are looked at; however, assessors narrow Hanover down into areas like Old Church or Beaverdam.
“Some areas of the county are starting to see some appreciation,” Paul said.
He said that the urban areas of Hanover changed while the rural parts remained unchanged.
The average new home will sell for $313,700 going into 2014. There was a 6 percent increase so far, compared to prior years. In 2013 the average new home sold for $296,000. Over the past years, the lowest average new home sale price was in 2011 with $250,400.
However, the sales price is still a little bit lower than it was in 2009, when the average house sold for $347,400. The median price of existing homes is $250,000.
In 2013, 191 properties were reviewed. Forty-one properties decreased in value and 20 increased. Sixty-six did not change while 64 were satisfied with the reassessment.
But, at least the reassessment has been positive for a change.
“It’s been negative numbers until this year,” Paul said.