Norfolk residential real estate assessments up 16 percent.

From: The Virginian-Pilot (Norfolk, VA) | Date: March 7, 2007 | Copyright information

Byline: Harry Minium

Mar. 7--NORFOLK -- The average home will see its real estate assessment rise by 16 percent in July, but homeowners in Ocean View, on waterfront property and in lower-income neighborhoods will experience much higher increases, the City Council learned Tuesday.

Acting real estate a ssessor Bill Marchand told the council that commercial real estate will increase about 6 percent.

All told, the increase in assessments will produce $25 million in new revenue for the city, assuming the real estate tax rate is not reduced.

This is the fourth year in ...

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