March 10, 2014
The Queen city is valued highly when it comes to real estate. All taxable homes, businesses, and land in Staunton jumped up 18 percent in value. That increase was even higher downtown at 28 percent.
Reassessments are conducted every two years and are determined by property sales in the city. Value increases are attributed in part to Staunton's Redevelopment efforts.
"It's a good thing certainly in the long run," says real estate assessor James Gallaher. "Anyone who owns a home or owns any type of real estate it’s great. In the short term though their taxes will increase but they generally will regain that when they sell the property."
City Council will review its current rates at their next budgetary hearing beginning in April.