Charlottesville Breaking News
In a recent press release, the City of Charlottesville reported that 2012 assessments are down 1.22 percent overall, with existing residential properties declining an average of 3.08 percent. So how do we square this the city data to the Nest Realty 4th Quarter Market Report for 2011, which shows the average list price of a single-family home in the Charlottesville area decreasing 32.1 percent year-over-year?
Assessments, which are used by local governmentsto establish tax value, provide snapshots of property values as of January 1st. And tax value, a fixed figure unaffected by changes in interest rates or inventory, is determined in part by examining sales that have occurred within the market area.
A reporter decided to make a random sampling of 20 sales taken from the multiple listing system (MLS) for the period of May-October 2011, and the result reveals some intriguing information.
Seven of the MLS transactions reflect sales prices in excess of the current assessments, while the remaining 13 transactions show sales that occurred below the assessed values, all of them larger than the 3.08 percent government-noted residential decline.
A closer look at...
When the 5.8 magnitude earthquake struck Louisa County last August, with its epicenter just 11 miles from the North Anna nuclear generating plant, environmental groups warned that radioactive leaks were likely. It turns out that they were right.
Dominion Virginia Power has revealed that an elevated level of a radioactive substance called tritium has been found in groundwater near the plant, and the discovery has nuclear watchdogs scoffing at the company's efforts to downplay potential danger to the public.
"Tritium is highly mobile," says Paul Gunter of Beyond Nuclear, a Maryland-based nonprofit which has long expressed concern about the integrity of miles of underground pipes carrying radioactive water at North Anna.
"I don't think that 100 aftershocks have helped the integrity of all this buried pipe," says Gunter. "It only increases our concern since very likely there will continue to be aftershocks and perhaps more big ones."
The impending one-year anniversary of the Japanese earthquake and tsunami which resulted in catastrophic radiation release from the Fukushima Daiichi nuclear plant has raised concerns that U.S. plants could be similarly vulnerable, and Gunter asserts that nuclear energy companies and government agencies haven't made necessary changes in the wake of that March 11, 2010 international...