Maps from the Buncombe County Tax Assessor’s office reveal how property values shifted — sometimes drastically — after the recent property revaluation. Almost every neighborhood within the city of Asheville saw values rise, while the housing market crash hit most areas of the county hard, with some areas even losing half their property value.
The map of Asheville’s neighborhoods shows that most saw increases, only Kenilworth had a decline (two percent), and North Asheville’s values stayed flat. Increases were particularly high in the core of downtown (a 15 percent rise), Kimberly (23 percent rise) Haw Creek (12 percent), and in Azalea (42 percent). West Asheville too saw a significant increase in its property value.
See a large version of the city of Asheville property value map here.
The county, meanwhile, showed major effects from the bursting of the housing bubble. The Ivy and East Buncombe areas lost over half their value, and many others saw double digit declines. Only Black Mountain, Reynolds, and Starnes Cove showed gains in property value.
See a large version of the Buncombe County property value map here.
The maps show a shift to growth within city limits, and a relative decline in suburban and rural areas. The decline in property values poses a major challenge for the Buncombe County Board of Commissioners in particular, as it grapples with lessened property tax revenue.