Westerly - State of Rhode Island: Division of Planning

The Westerly Comprehensive PlanHome Value and RentHomeowner and Renter Cost BurdensAn analysis of housing in Westerly from the standpoint of its market value, as determined by theWesterly Assessor’s office through three revaluations, shows how volatile property values are inWesterly. Table 2-7 and 2-8 below summarize the 2000, 2003 and 2006 valuations for single-familyhomes in Westerly by Fire District. Over the six years, the average value of among the 6,499 singlefamilyhomes located in Westerly went from a town-wide average of $210,250 in 2000 to more than$500,000 in 2006, a 141 percent increase. Assessed valuation of the homes in the Westerly FireDistrict increased 121 percent while homes in Weekapaug increased more than 200 percent.In 2006 homes in two fire districts averaged over $2 million in average assessed valuation. Bothdistricts, Weekapaug and Watch Hill, have a large proportion of vacation and second homes. Thetables below show the revaluation for all fire districts in the town.Table 2-7 2000-2006 Revaluations2000 2003 2006Fire DistrictTotalAssessedValueNumberofHomes AverageTotalAssessedValueNumberofHomes AverageTotalAssessedValueNumberofHomes AverageBradford $47,174,900 408 $115,625 $78,095,300 425 $183,754 $116,065,200 434 $267,431Dunn's Corners $303,979,600 1567 $193,988 $545,410,900 1670 $326,593 $776,468,700 1723 $450,649Misquamicut $93,000,900 361 $257,620 $256,926,400 536 $479,340 $379,955,600 558 $680,924Shelter Harbor $54,489,300 147 $370,676 $110,317,700 151 $730,581 $146,207,900 155 $943,277Westerly $614,535,900 3725 $164,976 $1,020,143,600 3816 $267,333 $1,421,227,100 3899 $364,511Watch Hill $185,912,200 195 $953,396 $370,138,300 208 $1,779,511 $493,036,900 210 $2,347,795Weekapaug $67,324,600 96 $701,298 $177,799,300 112 $1,587,494 $263,744,300 118 $2,235,121TOTAL $1,366,417,400 6499 $210,250 $2,558,831,500 6918 $369,880 $3,596,705,700 7097 $506,792Source: Westerly Office of the Assessor and peter j. smith & company, inc.Table 2-8 Average Change in Assessed Valuation, 2000-2006 RevaluationsChangeFire District2000-2003Change2003-2006Change2000-2006ChangeBradford 58.92% 45.54% 131.29%Dunn's Corners 68.36% 37.98% 132.31%Misquamicut 86.06% 42.05% 164.31%Shelter Harbor 97.09% 29.11% 154.48%Westerly 62.04% 36.35% 120.95%Watch Hill 86.65% 31.93% 146.26%Weekapaug 126.37% 40.80% 218.71%TOTAL 75.92% 37.02% 141.04%Source: Westerly Office of the Assessor and peter j. smith & company, inc.According to the town of Westerly Tax Assessor’s office, the median assessed value of single-familyhomes as of the December 2006 revaluation was $336,800 with an average assessed value of$506,791. Each town in the state of Rhode Island must perform a statistical update every threeyears and a full revaluation on the ninth year. The town of Westerly has begun its full revaluation asrequired by state statute and will complete the revaluation in December 2009. There is evidence thatthe general economic downturn which began in 2008 has affected the value of housing in Westerly.Westerly, Rhode Island 23