040108 Real Estate AssessorReal Estate Assessor’s
Annual Presentation
to Council
Fiscal Year 2008-2009
Projected FY 2009 Real Estate Assessments
Assessments$ 56,554,640,697
Tax Revenue*$ 503,336,302
*Based upon FY 2008 tax rate of $0.89
Each $.01 of the tax rate will generate
$5,655,000
Average Appreciation
(Excluding Growth)
Overall Median ChangeOverall Mean Change
0%2.56%
Residential0%Residential2.34%
Apartment9.02%Apartment8.36%
Commercial/Industrial5.02%Commercial/Industrial6.09%
25,169 Assessments were reduced
56,421 Assessments remained the same
69,307 Assessments were increased
Average Appreciation
(Excluding Growth)
Fiscal YearAverage Change
2.56%
2009
200818.54%
200719.61%
200619.78%
Average Residential Values
TypeMean Assessment*
Change in Mean
$363,7001.0%
Single Family$3,600
$178,2006.5%
Townhouse$11,000
$268,400-0.8%
Low Rise Condominium-$2,300
$398,4002.7%
High RiseCondo/Co-op$10,600
$465,800-1.9%
Duplex/Home with Apartments-$9,100
$327,2001.2%
All Residences$4,200
*Rounded to nearest $100
Average Home Assessment
$350,000
$327,200
$323,000
$300,000
$266,200
Assessed Value
$250,000
$216,500
$200,000
$150,000
$100,000
2000200120022003200420052006200720082009
Fiscal Year
Assessment Comparison by Classification
Classification2009 Assessment2008 Assessment
8.3%
General Commercial8.0%
1.7%
Hotel1.5%
13.7%
13.0%
2.3%
Office2.3%
1.3%
Industrial1.2%
4.6%
Apartment4.3%
64.7%
Residential66.2%
86.3%
87.0%
6.3%
Townhouse6.0%
10.3%
Condominium10.0%
0.4%
Agriculture0.5%
New Construction
(January 2007 thru December 2007)
Commercial
31General Commercial$51,944,125
2Hotel50,746,000
63Industrial30,025,527
12Office32,768,404
69Commercial/Industrial Additions27,985,850
Total Commercial New Construction$193,469,90626.4%
Residential
685Single Family$251,600,073
9Duplexes3,720,000
2Townhouses349,800
689Condominium Units237,223,691
45Apartments/Multi-Family2,388,600
2,640Residential Additions44,138,127
Total Residential New Construction$539,420,29173.6%
Total New Construction$732,890,197100%
Number of New Housing Units Built
YearHomesDuplex UnitsApartment UnitsTotal Housing Units
20071,37618451,439
20061,499163981,913
20051,335125641,911
20041,529101931,732
Average Assessment on a New Home
$600,000
$550,700
$550,000
$496,900
$500,000
$438,000
$450,000
Assessed Value
$400,000
$335,100
$350,000
$300,000
$250,000
$200,000
$150,000
1998199920002001200220032004200520062007
Calendar Year
Growth and Appreciation
25%
20%
15%
10%
5%
0%
2000200120022003200420052006200720082009
Fiscal Year
GrowthAppreciation
Fiscal Year 2008-2009 (Projected)
Growth1.3%
Appreciation1.4%
Assessment Increase2.7%
Tax Increment & Special Service Districts
Lynnhaven Mall Shopping District TIF
Base YearFY 1998$225.3 Million
PreliminaryFY 2009$463.9 Million
Sandbridge District TIF & SSD
Base YearFY 1998$206.1 Million
PreliminaryFY 2009$1.316 Billion
Central Business District South TIF
Base YearFY 1999$151.8 Million
PreliminaryFY 2009$653.9 Million
SSD
First YearFY 2003$18.5 Million
PreliminaryFY 2009$291.0 Million
Real Estate Tax Relief
Income & Net Worth Limitations
Current State Limitations
Income $ 62,000
Net Worth $350,000
Current Virginia Beach Limitations
Income:
$62,000
? Deferral
$62,000
? Freeze
? Exemption
? 100%$0 -$46,000
$62,000
? 20%$48,000 -
$350,000
Net Worth(All Programs)
Real Estate Tax Program for
Senior Citizens & Disabled Persons
Number of RecipientsTax DeferredTax Reduction
6,408$14,011,232
FY 2008$35,304
5,420$9,651,395
FY 2007$79,342
4,539$6,147,803
FY 2006$72,806
3,803$4,660,146
FY 2005$36,849
3,396$3,462,498
FY 2004$21,710