ROANOKE, Va. – Property values are going up in the city of Roanoke, but council members say most homeowners will not be paying more in property taxes.
An uptick in new construction has led to an increase of 4.74% in assessed property values, which was announced during Monday’s city council meeting. The levels are now similar to those from before the recession.
Another good sign is foreclosures in Roanoke have dropped by nearly 70% in the last decade, dropping from 486 in 2010 to 157 last year.
Council members said that decrease shows the city is healthy.
“Folks are doing a little bit better than they were, say nine, 10 years ago, and are able to keep up with supporting their families and keeping their homes,” said city councilman Bill Bestpitch.
Council members said the new apartments on Route 460 are one example of the many ongoing projects that will increase the tax base and bring in more revenue.