AMESBURY - Residential home values in Amesbury dropped about 6 percent over the past year, while the majority of commercial property values increased.
A revaluation of all property in Amesbury was recently completed by Vision Appraisal for the town. The values on some condominiums and homes dropped by as much as 15 percent.
The values are used to determine property tax bills. The town will set its tax rate next month, and at that time residents and businesses will get to see how the shift in property values has affected their wallets.
It's the first time since 1996 that the value of Amesbury homes has fallen, according to the state Department of Revenue. The trend was seen throughout town.
For example, along Point Shore, the Main Street historic neighborhood, values declines steeply - ranging from 5 percent up to 15 percent for a four-bedroom, two-story Colonial. And the value of open space - the strips of land belonging to homeowners along the waterfront - fell by 30 percent.
Most neighborhoods saw similar declines. Condominium complexes generally dropped 13 percent or more.
The average single-family home in Amesbury is now valued at $344,464 - a drop of almost $22,000 from last year's figures.
"The only thing that factors into it is sales," Chief Assessor Mary Marino said. "Based on the real estate market, residential properties have slowed down."
Three years ago, when the city was doing its last revaluation, she said, the real estate market was recording double-digit increases.
The assessors use data from the preceding year when completing the process - and last year saw an increase in commercial sales, Marino said.
"Good qualified sales" helps to determine the increase in commercial/industrial, Marino said. The industrial values did not increase as much as commercial, she added, noting that many of the town's industrial buildings are being sold and converted into residential buildings.
Among residences, Marino said, Cape-style homes seem to have decreased in value the most.
That trend isn't particularly surprising, she added, since Capes usually increase the most during a strong real estate market. "What goes up the fastest, always tends to go down the fastest," Marino said.
"The sales are the most important; they're going to carry the heaviest weight," Assessor Damian Johnson said. The data used - 2006 - reflected the drop in the real estate market, something that is still continuing, he said. At the same time, the income for commercial properties has been steady, or gone up.
A revaluation of all property in Amesbury was recently completed by Vision Appraisal for the town. The values on some condominiums and homes dropped by as much as 15 percent.
The values are used to determine property tax bills. The town will set its tax rate next month, and at that time residents and businesses will get to see how the shift in property values has affected their wallets.
It's the first time since 1996 that the value of Amesbury homes has fallen, according to the state Department of Revenue. The trend was seen throughout town.
For example, along Point Shore, the Main Street historic neighborhood, values declines steeply - ranging from 5 percent up to 15 percent for a four-bedroom, two-story Colonial. And the value of open space - the strips of land belonging to homeowners along the waterfront - fell by 30 percent.
Most neighborhoods saw similar declines. Condominium complexes generally dropped 13 percent or more.
The average single-family home in Amesbury is now valued at $344,464 - a drop of almost $22,000 from last year's figures.
"The only thing that factors into it is sales," Chief Assessor Mary Marino said. "Based on the real estate market, residential properties have slowed down."
Three years ago, when the city was doing its last revaluation, she said, the real estate market was recording double-digit increases.
The assessors use data from the preceding year when completing the process - and last year saw an increase in commercial sales, Marino said.
"Good qualified sales" helps to determine the increase in commercial/industrial, Marino said. The industrial values did not increase as much as commercial, she added, noting that many of the town's industrial buildings are being sold and converted into residential buildings.
Among residences, Marino said, Cape-style homes seem to have decreased in value the most.
That trend isn't particularly surprising, she added, since Capes usually increase the most during a strong real estate market. "What goes up the fastest, always tends to go down the fastest," Marino said.
"The sales are the most important; they're going to carry the heaviest weight," Assessor Damian Johnson said. The data used - 2006 - reflected the drop in the real estate market, something that is still continuing, he said. At the same time, the income for commercial properties has been steady, or gone up.
"Most likely, we'll probably see another drop in residential values for next year," Johnson said.
With a lack of available land in town or vacant lots for sale, the assessment process can be complicated, Marino said.
"It's easiest for new construction," she said. "It's the older-style homes that give us trouble."
Revaluation is performed every year, and every three years the city must submit values to the state for recertification.
The process consists of collecting the physical data - an assessor visits the properties and conducts a physical examination. For example, she measures the property, counts the rooms and looks at the quality of the lot - then the analysis.
During the analysis, the assessors compare the information to the data of properties that have been sold.
Marino said the shift in values won't affect the tax levy for next year. The town can still raise taxes by 21/2 percent, she said; however, it will have a big affect on the tax rate: when values go down, the tax rate goes up.
Home values are posted in the assessors section of the Amesbury Web site, www.ci.amesbury.ma.us.
Values in Amesbury
Year Average home value
2000* $170,494
2001 $190,592
2002 $220,880
2003 $238,504
2004 $280,213
2005 $320,493
2006 $353,914
2007 $366,423
2008 $344,464
* = fiscal years. For example, fiscal year 2000 began July 1, 1999 and ended June 30, 2000.
SOURCE: State Department of Revenue
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