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Home Values Rise in Every Section of Norfolk, Va.,.
Knight Ridder/Tribune Business News, April, 2004
By Harry Minium, The Virginian-Pilot, Norfolk, Va. Knight Ridder/Tribune Business News
Apr. 20--NORFOLK, Va. -- Fueled by a soaring demand for housing, some of it in the city's oldest neighborhoods, the assessed values on homes have increased 10.5 percent overall this year, Real Estate Assessor Wayne Trout said.
That's more than twice the average appreciation in recent years and the largest increase in more than 15 years, Trout said. It also mirrored similar increases in neighboring cities: Virginia Beach (11.7 percent), Portsmouth (11), Suffolk (10) and Chesapeake (9.7).
Because the 10.5 percent increase is an average, some homes may have appreciated more and others less.
The assessment increase will mean higher taxes. For a...
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