New calculation shows DeKalb real estate sinks $1B

The value of real estate in unincorporated DeKalb County has declined about $1 billion since April — after new calculations that include foreclosure prices.

County assessors concluded Thursday that the taxable value of land and buildings in unincorporated DeKalb is $16.7 billion, a decline of more than 5 percent since last month’s tally.

The calculations in April failed to consider the effect of foreclosures on property values, despite a new state law requiring it.

DeKalb CEO Burrell Ellis asked for the recalculation after The Atlanta Journal-Constitution reported that DeKalb wasn’t considering foreclosures.

Only Avondale Estates saw an increase in value from the April numbers. The worst off was Lithonia, with a 9 percent drop.