Real Estate Assessor’s Annual Report Reveals that Property Values Are Continuing to Rise

​Real Estate Assessments will be mailed on Feb. 28.
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​In his annual report to City Council, Real Estate Assessor Ronald Agnor noted that the Virginia Beach real estate market is looking healthy. Property values continue to rise with an average appreciation rate of 2.53% for all properties, a rate just slightly higher than last year’s projected appreciation for FY21 rate of 3.1% percent. Overall, the City’s real estate market experienced a growth rate of .7% — largely the result of new construction and rezoning.

For the first time ever, citywide assessments total more than $60 billion – specifically $61,309,542,100.

At Virginia Beach’s current real estate tax rate of $1.0175 per $100 of assessed value, total tax revenue for all properties amounts to $623,824,591 with each penny of the tax rate generating $6,131,000. The city’s real estate tax rate is lower than the other six cities in Hampton Roads – Chesapeake has the next lowest rate at $1.05 per $100 of assessed value. 

Apartment buildings and hotels are driving growth. On average, residential properties increased 2.44%, apartment buildings increased 12.22% and commercial/industrial properties increased 3.25%. These properties also had the greatest increase in their average assessment over last year. Agnor also noted that townhouses and low-rise condominiums are lower-priced housing and they are appreciating at the highest rate.

​​TYPE​NUMBER​MEDIAN ASSESSMENT​MEAN ASSESMENT​CHANGE IN MEAN
​SINGLE FAMILY​99,087​$286,500​$355,400​$7,900 (2.3%)
​TOWNHOUSE​19,768​$156,600​$169,000​$6,700 (4.1%)
​LOW-RISE CONDO​21,314​$216,000​$254,200​$10,000 (4.1%)
​HIGH-RISE CONDO/CO-OP​3,020​$284,300​$309,400​$1,900 (0.6%)
​DUPLEX/HOMES WITH APARTMENTS​1,277​$332,900​$488,900​$30,700 (6.7%)
​ALL RESIDENCES​144,466​$254,200​$315,200​$8,000 (2.6%)

The average home assessment has been on the rise since 2015.

The percentage of commercial versus residential properties is fairly stable and consistent with years past at 16.7% commercial and 83.3% residential.

In the previous 12 months, the City of Virginia Beach added $471,251,500 in new construction representing an increase of 3.7% over the previous year. New residential construction accounted for 65.3% of that figure while commercial and industrial construction represented 34.7%.  

The average assessment of a new home is $560,000 (mean of $420,600). The largest percentage of new homes – more than a third at 33.8% – are in the $350-$500K range. Less than 1% of new homes being built are valued at less than $200,000.
 
The full report​ is available on the Real Estate Assessor’s page on VBgov.com. 

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