Real Estate Assessments Are up

The Real Estate Assessor’s Office will mail real estate assessment notices for the fiscal year 2019 on Friday, March 2.

The Real Estate Assessor’s Annual Report reveals that real estate values are up for the fifth consecutive year, this year, at an average of 2.8 percent across the city. 

​Average Appreciation/Depreciation:

appreciation/depreciation graph 

Individual areas and property types faired differently however — 68 percent of properties increased in value, 17 percent decreased and 15 percent remained unchanged. 

As of January 2018, the average change for residential properties was 2.17 percent; the median was 1.89 percent.

In 2017, new construction totaled $459.1 million in value. And, 76.7 percent of that new construction was residential versus 23.3 percent for commercial/industrial. 

All properties throughout Virginia Beach will generate approximately $572.5 million in real estate tax revenues — the City’s primary source of income. Each penny of the tax rate (which is $1.0025 per $100 of assessed value) will generate approximately $5.7 million in revenue to support schools and city services.​

To view a specific property’s assessment history, visit VBgov.com/property-search. You may also view the Real Estate Assessor’s full report here
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