Owing to negligible leakage current, high density and superior scalability, Spin-Transfer Torque RAM (STT-RAM) technology becomes one of the promising candidates for low power and high capacity on-chip caches in multicore systems. While STT-RAM read access latency is comparable to that of SRAM, write operations in STT-RAM are more challenging: writes are slow, consume a large energy, and the lifetime of STT-RAM is limited by the number of write operations to each cell. To overcome these challenges in STT-RAM caches, this paper explores the potential of eliminating redundant writes using the phenomenon of frequent value locality (FVL). According to FLV, few distinct values appear in a large fraction of memory transactions, with emphasis on cache memories in this work. By leveraging frequent value locality, we propose a novel value-based hybrid (STT-RAM +, SRAM) cache that has benefits of both SRAM and STT-RAM technologies - i.e., it is high-performance, power-efficient, and scalable. Our evaluation results for a 8-core chip-multiprocessor with 6MB last-level cache show that our proposed design is able to reduce power consumption of a STT-RAM cache by up to 90% (an average of 82%), enhances its lifetime by up to 52% (29% on average), and improves the system performance by up 30% (11% on average), for a wide range of multi-threaded and multi-program workloads.