(Delmarvanow.com) -- Real estate values in Accomack County are down, according to results of a recent reassessment.
Preliminary data from the 2018 real estate assessment indicates a 1.8 percent reduction in value, on average, in the county.
Brent Hurdle, county assessor, reported the results to the Accomack County Board of Supervisors.
"What essentially happened, for the most part, there was a significant change in land values in Captains Cove," where lot values continue to go down, Hurdle told the board.
Additionally, Chincoteague's land values "are not as strong as they once were," he said.
Michael Mason, Accomack County administrator, said the overall decrease in property values translates into $405,000 in lost tax revenue, which will need to be addressed during upcoming budget discussions.
The findings included that "lower-quality constructed homes" had been assessed too high in comparison to what they actually were selling for, Hurdle said.
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Additionally, older two-story homes, dating to the early 20th century, which have not been improved or renovated, were found to be assessed too high.
The figures are preliminary ones and could change after the Board of Equalization meets, according to Hurdle.
Still, any changes are not expected to be material, he said.
Areas of the county that saw decreases in value in excess of the average included Captains Cove and Saxis, both of which had property values go down by 5 percent or more, according to Hurdle.
Saxis saw a decrease in real estate values of 5.43 percent; Captains Cove had a decrease of 5.08 percent; and in the town of Chincoteague, property values decreased 1.8 percent, according to the report.
Supervisor Grayson Chesser asked Hurdle about the effect of poultry house construction on nearby property values.
"We specifically looked at that," Hurdle said, noting no significant effect has been seen so far on values.
His department did an analysis of homes that had been sold in close proximity to poultry houses — ranging from 500 feet to 1,000 feet or more away.
"We could not find a market support for making adjustments," he said.
Chesser also asked about the effect on property values of the Navy's touch-and-go aircraft carrier landing practices at NASA Wallops' runway.
"Nothing really stood out. I know that that situation has come before, and there was an appeal to the Board of Equalization," Hurdle said, noting that board made a minor adjustment on the property value in that case.
The equalization board asked the assessor to look further into that area.
"The complexity of that is, what properties are really affected, what are the flight paths — so it's sort of on an individualized basis at this point," he said.