02212012 REAL ESTATE ASSESSMENT ANNUAL REPORTAssessments$ 48,742,684,802
Tax Revenue*$ 433,809,894
*Based upon FY 2010 tax rate of $0.89
Each $.01 of the tax rate will generate
$4,874,000$4,874,000
Overall Median ChangeOverall Mean Change
-4.87%-5.29%
Residential-5.02%Residential-5.69%
Apartment0.43%Apartment3.16%
Commercial/Industrial-0.31%Commercial/Industrial1.40%
of Assessments were reduced
79%
of Assessments remained the same
18%
of Assessments were increased
3%
Fiscal YearAverage Change
2013
-5.29%
2012-3.09%
2011-5.54%
2010-3.46%
20092.56%
200818.54%
TypeMean Assessment*Change in Mean
$297,700-$13,200-4.2%
Single Family
$145,600-$13,200-8.3%
Townhouse
$215,800-$12,300-5.4%
Low Rise Condominium
$297,500-$33,900-10.2%
High Rise Condo/Co-op
Duplex/Home with
$393,800-$10,600-2.6%
Apartments
$266,100-$13,500-4.8%
All Residences
*Rounded to nearest $100
$350,000
$300,000
Assessed Value
$250,000
$200,000
$150,000
$100,000
2004200520062007200820092010201120122013
Fiscal Year
Classification2013 Assessment2012 Assessment
9.7%9.4%
General Commercial
2.1%2.0%
Hotel
16.4%15.7%
2.9%2.6%
Office
1.7%1.7%
Industrial
5.5%5.1%
Apartment
61.6%62.1%
Residential
5.9%83.6%6.2%84.3%
Townhouse
10.3%10.6%
Condominium
0.3%0.3%
Agriculture
Commercial
21$24,071,000
General Commercial
87,553,600
Industrial
211,225,600
Office
235,918,800
Commercial/Industrial Additions
$48,769,00021.6%
Total Commercial New Construction
Residential
345$95,604,500
Single Family
2618,600
Duplexes
21,095,500
Townhouses
21949,916,300
Condominium Units
202,073,300
Apartments/Multi-Family
1,37027,627,012
Residential Additions
$176,935,21278.4%
Total Residential New Construction
Total New Construction$225,704,212100%
DuplexApartmentTotal Housing
YearHomes
UnitsUnitsUnits
2011566420590
2010541207161,277
200977010136916
20081,050225861,658
20071,37618451,439
$600,000
$550,000
$500,000
$450,000
Assessed Value
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
2002200320042005200620072008200920102011
Calendar Year
25%
20%
Percent of Change
15%
10%
5%
0%
-5%
-10%
2004200520062007200820092010201120122013
Fiscal Year
GrowthAppreciation/Depreciation
Fiscal Year 2012-2013 (Projected)
Growth0.4%
Depreciation-4.0%
Assessment Change-3.6%
LynnhavenMall Shopping District TIF
Base YearFY 1998$225.3 Million
PreliminaryFY 2013$434.8 Million
SandbridgeDistrict TIF & SSD
Base YearFY 1998$206.1 Million
PreliminaryFY 2013$969.3 Million
Central Business District South TIF
Base YearFY 1999$151.8 Million
PreliminaryFY 2013$701.9 Million
Special Service District
First YearFY 2003$18.5 Million
PreliminaryFY 2013$343.0 Million
NEIGHBORHOOD DREDGINGNEIGHBORHOOD DREDGING
Special Service District
Old Donation Creek
FY 2012$36.4 Million
PreliminaryFY 2013$36.4 Million
FY 2013 as of January 2012
ENERGY EFFICIENT BUILDINGSENERGY EFFICIENT BUILDINGS
Partial Real Estate Tax Reduction
FY 2011 Program RecipientsTax Reduction
Residential Properties7$ 5,441
Commercial Properties6$ 42,722
Total13$48,163
FY 2012 Program RecipientsTax Reduction
Residential Properties19$12,866
Commercial Properties6$42,534
Total25$55,400
Program RecipientsTax Reduction
580$1,446,784
Current Virginia Beach Limitations
Income:
$67,000
Deferral
?
$67,000
Freeze
?
Exemption
?
100%$0 -$47,100
?
$63,450
20%$59,400 -
?
$350,000
Net Worth(All Programs)
Number of RecipientsTax DeferredTax Reduction
FY 20127,398$53,339$14,209,588
7,798$15,456,251
FY 2011$35,755
7,666$16,292,651
FY 2010$35,717
7,143$15,993,977
FY 2009$30,596
6,408$14,011,232
FY 2008$35,304
5,420$9,651,395
FY 2007$79,342
Value RangeMedian ChangeMeanChange
Under $150,000-8.8%-9.7%
$150,000 -$200,000-5.6%-6.2%
$200,000 -$250,000-4.6%-4.9%
$250,000 -$350,000-4.0%-4.4%
$350,000-$500,000-3.5%-4.1%
$500,000 -$750,000-2.8%-3.6%
Over $750,000-0.6%-2.9%