By Ted Shockley
Real-estate assessments in Cape Charles and lower Northampton County continue to increase, according to the county’s recently released general reassessment.
Places where the county’s valuation dropped include Nassawadox, where the former hospital and vacant medical offices are a drag on property values.
In addition, lots in Vaucluse Shores near Machipongo “once again saw decreases in their values, as did those in the Wilsonia neighborhoods just across the creek,” according to a reassessment analysis.
State law requires periodic real-estate reassessments to ensure taxes are based on fair market values of properties.
A review of the reassessment was included in materials for the Northampton County Board of Superisors’ meeting Tuesday. Board members did not discuss the results.
Other highlights of the reassessment include:
Property values in the historic portion of Cape Charles and in Bay Creek. “Land values increased, as well, in the historic part of Cape Charles as unimproved building lots are becoming very limited in supply,” according to the reassessment analysis.
Residental and land sales in the southern part of the county “were quite stable and trending upward toward the end of 2019.”
Waterfront lots outside the county’s southern part had stable prices. Sales of open space and agricultural lands “were flat and revealed no signficant change from the 2018 values.”
Sale prices of commercial properties showed a slight increase outside of Cape Charles, where such prices were higher, according to the valuation.