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Roanoke City Property Values Remain Strong

For the ninth year in a row, properties located in the City of Roanoke have experienced strong growth in value.  Total values of real estate in the City of Roanoke are approaching $10 billion.

Based on the preliminary real estate assessment performed by the City, market values of properties in the City have increased by nearly 10% over last year’s values.  This increase is led by the performance of multifamily residences, which increased in market value by 15% year over year.

The strength of this market can be seen in projects under construction such as the multimillion-dollar re-development of the former Sheraton Hotel site in Northwest Roanoke and projects currently working their way through the development approval process, including the recently announced project on Orange Avenue – at 768 units, the largest such project in the City’s history.

It is projected that $112 million in tax revenue will be raised in FY24 from taxes on real estate – slightly under $10 million more than in the current fiscal year.  This increase in revenue helps fund the increasing costs of operating the Roanoke City Public Schools, compensation for the City workforce including police officers and firefighters along with providing the many public services delivered by the City.

The City Council received a briefing on Tuesday, January 3rd regarding the increase in values and the real estate assessment process as part of its annual budget preparations.  Additional information, including the presentation used in the briefing, may be found on the City’s website at https://roanokeva.portal.civicclerk.com/

Upon receipt of their real estate assessment, residents and property owners are encouraged to carefully review the information for accuracy.  Property owners may appeal the assessment with Real Estate Valuation by February 1, 2023. Appeal forms may be found online here, in the lobby of the Municipal Building, and in all City libraries. Forms may be returned by mail or in the drop box in the lobby of the Municipal Building at Church Avenue S.W. Roanoke, Virginia 24011.

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