property value

The Neighborhood Stabilization Program provided Hampton $2 million and Newport News $700,000 in federal stimulus funds to rehabilitate foreclosed homes. The homes are then resold to people who earn up to 120% of the area median income

David Jones, development administrator for the Newport News Redevelopment and Housing Authority, describes the program: "We get to go into areas where we've invested tons of money over the years and take foreclosures off the street."

Statewide, 58 properties have been purchased with the federal funds, according to the Virginia Department of Housing and Community Development.

Read more in the Daily Press....

George and Margaret Osipovs sued the Chesapeake Airport Authority in 2004, contending that traffic and noise from the airport caused a drop in the value of their home. Chesapeake Circuit Court Judge Randy Smith agreed, ruling in 2007 that the value of the Osipovs' property had been harmed. On Friday, a jury in the case awarded no damages. 

The Osipovs plan to appeal the jury's decision. More than a dozen similar lawsuits are pending against the airport.

Read more in The Virginian-Pilot....

Some localities in the Peninsula received federal stimulus money to help prevent homelessness for some area residents who are struggling, according to the Daily Press.

The funds will be used for rental assistance, utility and security deposit payments and credit repair.

This is good news for all residents in these areas because preventing homelessness is cheaper than correcting it. Also, preventing homelessness can protect property values.

"As part of the federal stimulus package, nearly $1.4 million has come to the Peninsula to help stem the tide of growing homelessness associated with the lingering economic recession.

Government and nonprofit agencies in Hampton, Newport News, York, Poquoson, James City County and Williamsburg recently began disbursing funds from the U.S. Department of Housing and Urban Development's Homeless Prevention and Rapid Re-housing program.

The six localities evenly split about $727,000. A secondary pot of money totaling more than $659,000 was allotted specifically for Newport News, said Joy Cipriano, director of property and resource development for the Hampton/Newport News Community Services Board, the agency administering the grant funds.

The money is specifically earmarked for such things as rental assistance, utility and security deposit payments, and credit repair. It is not targeted for the chronically homeless, Cipriano said.

'The money is for helping people that were otherwise stable and making it. But, due to loss of a job or reduction of income, can't meet rent payments,' Cipriano said. 'It's cheaper to prevent homelessness than correct it once it happens.'

Cipriano said the federal government has instituted strict guidelines about how the money can be used and is requiring stringent reporting to make sure the funds are spent appropriately."

Read the full story.

Gloucester property owners will be receiving this year's reassessments soon and according to the Daily Press, property values increased on average by 8 percent. The increase is mainly attributed to land values that were previously assessed low.

Property owners who want to challenge the new assessed values can find applications online at www.gloucesterva.info/assessment. Or, applications are available at the Real Estate Assessment Office and both Gloucester Public Library locations. Property owners have until Nov. 30 to submit an application and request a review by the assessor's office."

"Assessments of Gloucester properties climbed an average of 8 percent in this year's reassessment.

Almost 23,000 notices have been mailed out notifying property owners of their new assessments. But 888 notices — mostly waterfront properties — are still being reviewed and no timeline for their mailing has been set, said County Assessor Reese Milligan.

The county saw 10,439 properties decrease in value by an average of $25,000, while 13,417 properties increased by an average of $47,000.

Assessments that increased generally saw land values rise while home values declined slightly. Land values had been underassessed and raised to bring them more in line with market value, Milligan said. As a result, home prices might have dropped slightly for many homeowners. 'We lowered that to get back to the overall market value,' Milligan said.

The assessment notices take effect Jan. 1, 2010, and are not tax bills. The tax rate — currently at 61 cents per $100 of assessed value — will be set next May by the Gloucester County Board of Supervisors during its budget process.

If the tax rate stays the same, the owner of a $250,000 home that had the assessed value climb by 8 percent would pay $122 more in taxes next year over this year's bill."

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