Blacksburg property values see boost over last decade

BLACKSBURG (WSLS 10) - A new report showed Blacksburg is becoming the place to invest in property.

The town manager's office released findings on Tuesday that show property values have jumped 62 percent since 2006.

The top 10 property tax payers, which are mostly student housing developments, have more than doubled in value. This means the town is getting about $2.5 million more in property tax revenue than it was a decade ago.

Meal tax revenue is also up 77 percent.

"While we are a small town of roughly 50,000 people, our real estate market is unusually healthy for similar towns of our size," said Blacksburg realtor Jeremy Hart.

Town leaders attribute this growth to expansions at Virginia Tech and also a spike in start-up businesses.