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Real Estate

Insane real estate assessments

Yesterday when we quoted the RTD as reporting that “assessments could rise between 20 percent and 40 percent for some homes”, we though that meant that 40% was the high end. A quick check on some houses in the area, though, shows increases of over 200%.

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1200 North 23rd Street
1200 N 23rd Street – assessment jumped from $24k to $76k

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A spot check on some of the assessments on the 1100 and 1200 blocks of North 23rd Street show some houses with huge assessment jumps. These aren’t houses that have changed hands or been updated or restored, either.

As an example, the house pictured above on the left saw its assessment rise from $24k to $76k. The house next to that, despite years of abandonment and multiple code violations (including a collapsing front porch) saw its assessment rise from $45k to $75k. Astoundingly, another house had it’s assessment value jump from $36k to $112k! (pictured below)

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1213_N_23rd_street2.jpg
1213 N 23rd Street – assessment jumped from $36k to $112k

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4 comments

john 03/03/2005 at 7:22 AM

Channel 12: Many Richmond residents face spike in assessments (with video). It sounds like some parts of Highland Park are seeing the same scale of increases.

Reply
john 03/04/2005 at 7:36 AM

In the RTD today: Tax assessments soar in region, hurts homeowners.

From the article:

City Assessor Richie McKeithen said state law requires him to assess properties equal to their fair market value every year. “That area has appreciated greatly in value,” McKeithen said of Church Hill. “As far as sales prices over there, that would not lead us to believe we are incorrect.”

Reply
john 03/05/2005 at 7:25 AM

From richmond.com

Richmond City homeowners will have several opportunities to discuss their recently received property value assessments, as well as the proposed real estate tax ordinances sponsored by Council members Graziano, Pantele, Robertson and McQuinn, at the upcoming town hall meetings:

Saturday, March 5, 2:00pm

Richmond Public Library

101 E. Franklin Street

Hosted by 2nd District Councilman William Pantele

Wednesday, March 9, 7:00pm

Thompson Middle School Auditorium

7825 Forest Hill Avenue

Hosted by 4th District Councilwoman Kathy Graziano

Thursday, March 10, 6:00pm

Holy Rosary Catholic Church Parish Center

1218 North 34th Street

Hosted by 7th District Councilwoman Delores McQuinn

City Assessor Richie McKeithen will attend each meeting to discuss the assessments and corresponding tax hikes. Council’s real estate tax proposals, which include expanded tax relief initiatives for the elderly and handicapped, will be up for review during Council’s Finance Committee meeting held at City Hall on Wednesday, March 16 at 4:00pm. The public is encouraged to attend.

Copies of the proposed legislation are available on the City’s Web site.

Reply
john 03/17/2005 at 7:34 AM

The Richmond Voice has the story in the March 16th issue.

Reply

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