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Fiscal Year 2009-2010
ProjectedProjectedFY 2010 Real Estate AssessmentsFY 2010 Real Estate Assessments
Assessments$55,451,817,756
Tax Revenue*$ 493,521,178
*Based upon FY 2009 tax rate of $0.89
Each $.01 of the tax rate will generate
$5,545,000$5,545,000
Average Appreciation/DepreciationAverage Appreciation/Depreciation
Overall Median ChangeOverall Mean Change
-3.32%-3.46%
Residential-3.66%Residential-3.95%
Apartment2.69%Apartment3.28%
Commercial/Industrial2.05%Commercial/Industrial5.21%
75%of Assessments were reduced or 110,106 Properties
8%of Assessments remained the same or 11,967 Properties
17%of Assessments were increased or 24,847 Properties
Average Appreciation/DepreciationAverage Appreciation/Depreciation
Fiscal YearAverage Change
2010-3.46%
20092.56%
200818.54%
200719.61%
200619.78%
Average Residential ValuesAverage Residential Values
TypeMean Assessment*Change in Mean
Single Family$346,100-$17,600-4.8%
Townhouse$174,100-$4,100-2.3%
Low Rise Condominium$256,600-$11,800-4.4%
High RiseCondo/Co-op
$385,700-$12,700-3.2%
Duplex/Home with
Apartments$457,600-$8,200-1.8%
All Residences$312,000-$15,200-4.7%
*Rounded to nearest $100
Average Home AssessmentAverage Home Assessment
$350,000
$327,200
$323,000
$300,000
$312,000
Assessed Value$216,500
$250,000
$200,000
$150,000
$100,000
2001200220032004200520062007200820092010
Fiscal Year
Assessment Comparison by ClassificationAssessment Comparison by Classification
Classification2010 Assessment2009 Assessment
General Commercial9.0%8.3%
Hotel1.9%1.7%
15.0%13.7%
Office2.6%2.3%
Industrial1.5%1.3%
Apartment5.0%4.6%
Residential62.9%64.7%
85.0%86.3%
Townhouse6.2%6.3%
Condominium10.5%10.3%
Agriculture0.4%0.4%
New ConstructionNew Construction
(January 2008 thru December 2008)(January 2008 thru December 2008)
Commercial
46General Commercial$91,403,100
1Hotel8,990,200
21Industrial22,489,800
18Office57,585,160
124Commercial/Industrial Additions40,319,100
Total Commercial New Construction$220,787,36933.8%
Residential
354Single Family$134,212,660
11Duplexes2,645,680
22Townhouses3,614,500
674Condominium Units181,421,800
586Apartments/Multi-Family67,738,100
1,834Residential Additions43,384,115
Total Residential New Construction$433,016,85566.2%
Total New Construction$653,804,224100%
Number of New Housing Units BuiltNumber of New Housing Units Built
YearHomesDuplex UnitsApartment UnitsTotal Housing Units
20081,050225861,658
20071,37618451,439
20061,499163981,913
20051,335125641,911
20041,529101931,732
Average Assessment on a New HomeAverage Assessment on a New Home
$600,000
$550,700
$550,000
$496,900
$500,000
$438,000
$450,000
Assessed Value
$465,200
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
1999200020012002200320042005200620072008
Calendar Year
Growth & Appreciation/DepreciationGrowth & Appreciation/Depreciation
25%
20%
Percent of Change
15%
10%
5%
0%
-5%
2001200220032004200520062007200820092010
Fiscal Year
GrowthAppreciation/Depreciation
Fiscal Year 2009-2010 (Projected)
Growth1.0%
Appreciation-3.3%
Assessment Increase-2.3%
Tax Increment & Special Service DistrictsTax Increment & Special Service Districts
Lynnhaven Mall Shopping District TIF
Base YearFY 1998$225.3 Million
PreliminaryFY 2010$465.3 Million
Sandbridge District TIF & SSD
Base YearFY 1998$206.1 Million
PreliminaryFY 20010$1.248 Billion
Central Business District South TIF
Base YearFY 1999$151.8 Million
PreliminaryFY 2010$755.7 Million
SSD
First YearFY 2003$18.5 Million
PreliminaryFY 2010$369.6 Million
Real Estate Tax ReliefReal Estate Tax Relief
Income & Net Worth LimitationsIncome & Net Worth Limitations
Current State Limitations
Income $ 67,000
Net Worth $350,000
Current Virginia Beach Limitations
Income:
Deferral$63,450
?
Freeze$63,450
?
Exemption
?
100%$0 -$47,100
?
20%$48,000 -$63,450
?
Net Worth$350,000(All Programs)
Real Estate Tax Program forReal Estate Tax Program for
Senior Citizens & Disabled PersonsSenior Citizens & Disabled Persons
Number of RecipientsTax DeferredTax Reduction
FY 20097,143$30,596$15,993,977
FY 20086,408$35,304$14,011,232
FY 20075,420$79,342$9,651,395
FY 20064,539$72,806$6,147,803
FY 20053,803$36,849$4,660,146
FY 20043,396$21,710$3,462,498