According to the Virginian-Pilot, due to steep declines on pricey homes in Ocean View, downtown and Larchmont, Norfolk residential real estate assessments will fall by 4.9 percent.  Overall assessments, including commercial and industrial property, will decline 3.6 percent, Real Estate Assessor Deborah Bunn told the City Council on Tuesday.

It will be the first decline in more than two decades.

The decline means that most Norfolk homeowners will see a modest reduction in real estate taxes in the fiscal year that begins July 1, assuming that the City Council does not raise real estate taxes this spring. Bunn said assessment notices will be mailed to 68,000 homes and businesses Friday. Virginia Beach Assessor Jerry Banagan, who said he expects a 5.75 percent decline in residential real estate, is the only other assessor in South Hampton Roads to announce an estimate.

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