The median assessed value of residential properties in the Town of Salem plunged another 11 percent, and in conjunction with last year’s decline of 7 to 8 percent, the area’s property values hover around a 20 percent decline, which is fairly consistent with the rest of the country in this economy, stated Town Assessor Rocco Vita.
Reassessment notices, which were mailed on Monday, show property values that will be reflected on 2012 property tax bills.
The summary of average residential values were divided among neighborhood groups such as Salem rural, rural wooded, Salem Villages, such as Trevor and Wilmot, modern subdivisions and lake area properties.
“The revaluations are generally based upon home sales as well as foreclosures in the area, but with only 150 sales to base his assessment, Vita admitted the process more challenging this year.
“Each year the number of home sales has been divided in half, and difficult to find a representative marketplace,†he said. “This time I didn’t use any foreclosure sales as there were so many of them and many are selling for less than half their initial value.â€
