Chesterfield real estate tax assessments drop for the second year in a row
Chesterfield County homeowners will see a drop in their real estate taxes as the result of the current assessments.
The total value of residential property in Chesterfield has now dropped two years in a row.
Harris: That, for the average taxpayer, that's a reduction of about 226 dollars over that span.
Matt Harris, Senior Budget Department Analyst.
Harris: If we sum that up cumulatively across the entire county, that's worth about 22.1 million dollars.
But the 701 million-dollar county budget has already been adjusted downward.
Harris: We have planned for these reductions; these have not caught us by surprise.
The budget office has been right on the money, predicting a 4.9 percent drop in 2009, a 5% drop in 2010, so how about this year?
Harris: At this time right now, based on the market conditions that we track, a reduction of roughly half of that.
Blame softness in the labor markets, sluggish home sales and foreclosures for the negative numbers, which the budget office believes will be with us for at least another year.
Charles Fishburne, WCVE News