030607 Real Estate AssessorReal Estate Assessor’s
Annual Presentation
to Council
Fiscal Year 2007/2008
Projected FY 2008 Real Estate Assessments
Assessments$55,058,244,271
Tax Revenue$ 545,076,618
Based Upon Current Tax Rate of $0.99
Each .01 of the tax rate will generate
$5,506,000
Average Appreciation
(Excluding Growth)
Average Change
18.54%
Residential20.68%
Apartment4.69%
Commercial/Industrial10.97%
Average Appreciation
(Excluding Growth)
Fiscal YearAverage Change
200818.54%
200719.61%
200619.78%
200511.48%
20046.58%
Average Residential Values
Average
Assessment*
TypeChange in Average
Single Family$360,100$61,20021.5%
Townhouse$167,200$37,60029.0%
Low Rise Condominium$270,700$49,80022.5%
High Rise Condominium$387,800$76,00024.4%
Duplex/Home with Apartment$474,900$87,60022.6%
All Residences$323,000$56,90021.4%
*Rounded to nearest $100
Average Home Assessment
$350,000
$323,000
$300,000
$266,200
Assessed Value
$250,000
$216,500
$200,000
$177,000
$150,000
$100,000
1999200020012002200320042005200620072008
Fiscal Year
Assessment Comparison by Classification
20082007
ClassificationAssessmentAssessment
General Commercial8.0%8.9%
Hotel1.5%1.7%
13.0%14.3%
Office2.3%2.4%
Industrial1.2%1.3%
Apartment4.3%5.0%
Residential66.2%65.3%
87.0%85.7%
Townhouse6.0%5.6%
Condominium10.0%9.3%
Agriculture0.5%0.5%
New Construction
(January 2006 thru December 2006)
Commercial
34General Commercial$48,662,234
1Hotel3,535,101
42Industrial14,513,697
36Office52,296,377
143Commercial/Industrial Additions32,472,121
Total Commercial New Construction$151,479,53022%
Residential
625Single Family$221,326,104
8Duplexes1,429,899
20Townhouses3,627,932
854Condominium Units205,599,961
398Apartments/Multi-Family49,998,040
3,016Residential Additions55,940,928
Total Residential New Construction$537,922,86478%
Total New Construction$689,402,394100%
Number of New Housing Units Built
DuplexApartmentTotal Housing
YearHomesUnitsUnitsUnits
20061,499163981,913
20051,335125641,911
20041,529101931,732
20031,674127702,456
Average Assessment on a New Home
$540,000
$510,000$496,900
$480,000
$438,000
$450,000
$420,000
Assessed Value
$390,000
$360,000
$335,100
$330,000
$289,100
$300,000
$270,000
$240,000
$210,000
$180,000
$150,000
1997199819992000200120022003200420052006
Calendar Year
Growth and Appreciation
25
20
15
Percent
10
5
0
1999200020012002200320042005200620072008
Fiscal Year
GrowthAppreciation
Fiscal Year 2007-2008 (Projected)
Growth1.5%
Appreciation17.6%
Assessment Increase19.1%
Tax Increment Financing and Special Service Districts
Lynnhaven Mall Shopping District TIF
Base YearFY 1998$225.3 Million
PreliminaryFY 2008$459.0 Million
Sandbridge District TIF & SSD
Base YearFY 1998$206.1 Million
PreliminaryFY 2008$1.325 Billion
Central Business District South TIF
Base YearFY 1999$151.8 Million
PreliminaryFY 2008$537.9 Million
SSD
First YearFY 2003$18.5 Million
PreliminaryFY 2008$208.8 Million
Real Estate Tax Program for
Senior Citizens and Disabled Persons
Number of RecipientsTax Reduction
FY 20075,420$9,651,395
FY 20064,539$6,147,803
FY 20053,803$4,660,146
FY 20043,396$3,608,219
Assistance by Tax Exemption/Deferral/Freeze
(Fiscal Year 2007)
ProgramRecipientsAverage Benefit
Exemption5,039$1,883
Freeze354$ 467
Deferral27$2,938
Real Estate Tax Exemption
Percentage of ExemptionNumber of Applicants
100%3,966
80%341
60%338
40%260
20%134
Real Estate Tax Relief
Income & Net Worth Limitations
State Limitations
Income $ 52,000
Net Worth $350,000
Proposed Virginia Beach Limitations
Income:
$52,000
Deferral
?
$52,000
Freeze
?
Exemption
?
? 100%$0 -$38,300
$52,000
? 20%$48,000 -
$350,000
Net Worth(All Programs)