THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, March 17, 1995 TAG: 9503160164
SECTION: PORTSMOUTH CURRENTS PAGE: 03 EDITION: FINAL
SOURCE: BY TONI WHITT, STAFF WRITER
LENGTH: Short : 38 lines
Most homeowners are likely to see a slight increase in their real estate taxes, based on recently revised city assessments.
While residential real estate values are rising, commercial rates stayed flat. Overall commercial and residential assessments went up by only one-half of 1 percent.
Based on the current tax rate, the change will mean an extra $188,000 in revenues for the city. Last year, revenues rose by only $16,000 after reassessments.
William E. Froehlich, tax assessor, told the City Council last week that he expects residential property values to continue their ``upward trend.''
Commercial property values decreased slightly - less than one percent. Froehlich said the values have remained flat and that they will remain that way in the foreseeable future. Froehlich said properties such as Tower Mall and the MidCity Shopping center have held down the commercial assessments.
``Things won't get better over the next few years as long as that property remains vacant,'' Froehlich said.
The assessor's office will hold informal hearings March 20-24 for property owners who have questions on their assessments. The Board of Equalization and Review will schedule hearings during April for those who want to contest their assessments. ILLUSTRATION: Photo
William E. Froehlich
Tax assessor
by CNB