Mixed picture in Hadley: home, small commercial property valuations rise; big retail declines slightly

  • A bird’s-eye view of Route 9 and the Hampshire Mall in Hadley. A preliminary certification of all properties in town shows that the valuation of the average single-family home and many smaller commercial buildings rose, while the value of larger retail properties, including Hampshire Mall, Mountain Farms Mall, Campus Shopping Plaza and the Home Depot plaza, declined slightly. Gazette File Photo/Josh Kuckens

Staff Writer
Wednesday, November 08, 2017

HADLEY — As national retailers continue to struggle against online competition, the property values of so-called “big box” stores are going down.

Despite the trend, commercial property values in Hadley are holding steady, while residential values are going up, according to the preliminary certification of all properties, a valuation process mandated by the state’s Department of Revenue that takes place every three years.

Assessor Dan Zdonek said the certification shows the valuation of the average single-family home in Hadley grew from $313,700 to $321,300, a $7,600, or 2.4 percent rise, based on home sales during 2016.

Smaller commercial buildings, mostly along the Route 9 corridor, are rising in value, making up for the drop in value of the larger commercial sites, Zdonek said.

The sites where property values declined included Hampshire Mall, Mountain Farms Mall, Campus Shopping Plaza and the Home Depot plaza.

“The really big places saw a slight decrease, but they make up a big portion of commercial,” Zdonek said.

He explained that the challenge in renting space inside these complexes is causing the drop in value.

“Rents are going down as vacancies are going up,” Zdonek said. “There’s more vacancies in the bigger places.”

Once the Department of Revenue certifies the property values for residential and commercial, the Select Board will hold a tax classification and take a vote on the tax rate.

The increase in residential property values will be accompanied by a corresponding higher average tax bill, Zdonek said. The tax bill for the average single-family home is projected to go up from $3,629 to $3,881, with the tax rate rising from $11.57 per $1,000 valuation to $12.08 per $1,000 valuation.

Residents can drop by the assessors office daily to see the valuation of their properties, raise any questions and provide feedback. The office will also be open extended hours, from 6 p.m. to 8 p.m., on Wednesdays, Zdonek said.

Scott Merzbach can be reached at smerzbach@gazettenet.com.