RICHMOND -
Is your home worth as much as it used to be?
Local homeowners are getting their assessments in the mail.
In the City of Richmond, the average assessment dropped 4 percent this year.
But in the Highland Park neighborhood, it plummeted.
They're seeing a double-digit decrease. 15 percent to be exact.
And people living there want to know why.
"The property value has gone down, so, you can't sell it for that much more than it's assessed at," said Jackie Coleman.
Jackie Coleman just got her Real Estate Assessment notice in the mail. And after 40 years in her home,
"I would like to put my house on the market but now is not the time. If I had've known before I probably would've sold earlier. But now I just have to wait this thing out and see what's going to happen," said Coleman
According to the City Assessor, new construction and corrections to previous assessments have caused some city neighborhoods to go up while others stayed flat.
James Hester says it's based on fair market value.
But why are Highland Park residents seeing a 15 percent loss?
Hester says investors came in, renovated those properties, and bailed when the market tanked.
"So much, of that area was in rehabilitation and when that market dried up it caused a lot of foreclosures," said James Hester.
But Hester says now investors are coming back.
"Almost all of the foreclosures in that area, there was somebody waiting to buy it, so, that's good sign," said Hester.
And a good deal for Kevin Moore.
He's not leaving Highland Park, anytime soon.
"It's very inexpensive. I got a nice house and neighbors here are some of the nicest neighbors I ever met in my life," said Kevin Moore.
If you don't agree with your Real Estate Assessment, the City says you can appeal, by contacting the Assessor's office at 646-5600.
If it's not resolved, file a formal appeal using an application of review of Assessment form, available at Bity libraries, and website.
Application must be filed by March 1 for that year's Assessment.
If it's still not resolved, file a formal appeal to the Richmond Circuit Court Board of Review, using the form and information available from the City website at Richmondgov.com.
Appeal must be filed by June 30th for that year's Assessment.
Local homeowners are getting their assessments in the mail.
In the City of Richmond, the average assessment dropped 4 percent this year.
But in the Highland Park neighborhood, it plummeted.
They're seeing a double-digit decrease. 15 percent to be exact.
And people living there want to know why.
"The property value has gone down, so, you can't sell it for that much more than it's assessed at," said Jackie Coleman.
Jackie Coleman just got her Real Estate Assessment notice in the mail. And after 40 years in her home,
"I would like to put my house on the market but now is not the time. If I had've known before I probably would've sold earlier. But now I just have to wait this thing out and see what's going to happen," said Coleman
According to the City Assessor, new construction and corrections to previous assessments have caused some city neighborhoods to go up while others stayed flat.
James Hester says it's based on fair market value.
But why are Highland Park residents seeing a 15 percent loss?
Hester says investors came in, renovated those properties, and bailed when the market tanked.
"So much, of that area was in rehabilitation and when that market dried up it caused a lot of foreclosures," said James Hester.
But Hester says now investors are coming back.
"Almost all of the foreclosures in that area, there was somebody waiting to buy it, so, that's good sign," said Hester.
And a good deal for Kevin Moore.
He's not leaving Highland Park, anytime soon.
"It's very inexpensive. I got a nice house and neighbors here are some of the nicest neighbors I ever met in my life," said Kevin Moore.
If you don't agree with your Real Estate Assessment, the City says you can appeal, by contacting the Assessor's office at 646-5600.
If it's not resolved, file a formal appeal using an application of review of Assessment form, available at Bity libraries, and website.
Application must be filed by March 1 for that year's Assessment.
If it's still not resolved, file a formal appeal to the Richmond Circuit Court Board of Review, using the form and information available from the City website at Richmondgov.com.
Appeal must be filed by June 30th for that year's Assessment.
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