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Home My WebLink About02232010 CITY ASSESSOR PRESENTATIONReal Estate Assessor's Annual Presentation to Council Fiscal Year 2010/2011 PROJECTED FY 2O'I'I REAL ESTATE ASSESSMEItiiTS Assessments $51,893,844,942 Tax Revenue* $ 461,855,220 `Based upon FY 2009 tax gate of $0.89 Each $.01 of the tax rate will generate $5,189,000 AY~F~AC~ APPF~~GIA'TIO1tiiID~PF~~GIA'TIOItii Overall Median Change Overall Mean Change -4.84% -5.54% Residential -4.98% Residential -5.75% Apartment -16.05% Apartment -14.1% Commercial/Industrial 0% Commercial/Industrial 88% of Assessments were reduced 8% of Assessments remained the same 4% of Assessments were increased 0.18% AY~F~AC~ APPF~~GIA'TIO1tiiID~PF~~GIA'TIOItii Fiscal Year Average Change 2011 -5.54% 2010 -3.46% 2009 2.56% 2008 18.54% 2007 19.61% 2006 19.78% AY~F~AC~ I~~SID~Itii'TIAL, ~AL,U~S Type Single Family Townhouse Low Rise Condominium High Rise Condo/Co-op Duplex/Home with Apartments Mean Assessment* Change in Mean $321,800 -$24,300 -7.0% $164,900 -$ 9,200 -5.3% $238,900 -$ 17,700 -6. 9% $354,400 -$ 31,300 -8. 1% $421,100 -$36,500 -8.0% All Residences $290,500 -$21,500 -6.9% *Rounded to newest $100 AY~~AO~ Ho~~ Ass~ss~~~'T $350,000 ---- -70 $300,000 v ~ $250,000 b a~ $200,000 $150,000 $100,000 500 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Fiscal Year $327,200 ~~~~1 ASS~SSM~1`IT COMPARISOI`I BY CLASSIFICATIOI`I Classification General Commercial Hotel Office Industrial Apartment Residential Townhouse Condominium Agriculture 2011 Assessment 9.1% 2.0% 15.4% 2.6% 1.7% 4.8% 62.5% 6.3% 10.7% 0.3% 84.6% 2010 Assessment 9.0% 1.9% 15.0% 2.6% 1.5% 5.0% 62.9% 6.2% 85.0% 10.5% 0.4% lei 1~~Y GO1tiiSTRUGTIOItii (.JANUARY 2009 THRU DECEMBER 2009) Commercial 30 General Commercial $28,561,900 2 Hotel 15,863,300 16 Industrial 5,620,500 9 OfFice 19,969,800 99 Commercial/Industrial Additions 23,849,600 Total Commercial New Construction Residential $93,865,100 25.6% 292 Single Family $97,609,084 5 Duplexes 1,465,500 9 Townhouses 1,452,500 469 Condominium Units 115,662,000 136 Apartments/Multi-Family 19,692,800 1,810 Residential Additions 37,084,514 Total Residential New Construction $272,966,398 74.4% Total New Construction $366,831,498 100% I~UIViB~F~ OF' l~i~~Y HOUSI1tiiC U1tiiI'TS BUILT Year Homes Duplex Units Apartment Units Total Housing Units 2009 770 10 136 916 2008 1,050 22 586 1,658 2007 1,376 18 45 1,439 2006 1,499 16 398 1,913 2005 1,335 12 564 1,911 AY~F~AC ~ ASS~SS1Vi ~ltii'T Oltii A lei ~~Y H O1Vi ~ w c~ b w w $600,000 $550,000 -- $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 ~ 2000 2001 $550,700 i0 2002 2003 2004 2005 2006 2007 2008 2009 Calendar Year GROWTH & APPRECIATIONIDEPRECIATION bA U 0 Ci a 25% 20% 15% 10% 5% 0% -5% -10% , __ _ , __ _ ~ ~ 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Fiscal Year ^ Growth ^ Appreciation/Depreciation Fiscal Year 2010-2011 (Projected Growth 0.6% Appreciation/Depreciation -7.1% Assessment Increase -6.5% TAX I1`ICR~M~1`IT & SPACIAL SI~RVICI~ DISTRICTS Sandbridge District TIF &SSD Base Year FY 1998 $206.1 Million Preliminary FY 2010 $1.086 Billion Central Business District South TIF Base Year FY 1999 $151.8 Million Preliminary FY 2010 $749.4 Million SSD First Year FY 2003 $18.5 Million Preliminary FY 2010 $380.7 Million REAL ESTATE TAX RELIEF INCOME & 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% $59,400 - $63,450 Net Worth $350,000 (All Programs) REAL ESTATE TAX PROGRAM FOR SENIOR CITIZENS & DISABLED PERSONS Number of Recipients Tax Deferred Tax Reduction FY 2010 7,666 $35,717 $16,292,651 FY 2009 7,143 $30,596 $15,993,977 FY 2008 6,408 $35,304 $14,011,232 FY 2007 5,420 $79,342 $9,651,395 FY 2006 4,539 $72,806 $6,147,803 FY 2005 3,803 $36,849 $4,660,146