HomeMy WebLinkAbout02222011 REAL ESTATE ASSESSORS ANNUAL PRESENTATIONReal Estate Assessor's
Annual Presentation to Council
Fiscal Year 2011/2012
vcve~~ appr~FC1~-T1~Nl~5EPRECIATIO
Overall Median Change Overall Mean Change
-2.56% -3.09%
Residential -2.72% Residential -3.34%
Apartment 2.42% Apartment 2•91%
Commercial/Industrial 0% Commercial/Industrial 0.92%
63% of Assessments were reduced
31% of Assessments remained the same
6% of Assessments were increased
AVERAGE APPRECIATIONIDEPRECIATION
Fiscal Year Averacte Chanqe
2012 -3.09%
2011 -5.54%
2010 -3.46%
2009 2.56%
2008 18.54%
2007 19.61%
AVERAGE RESIDENTIAL VALUES
Type
Single Family
Townhouse
Low Rise Condominium
High Rise Condo/Co-op
Duplex/Home with
Apartments
All Residences
Mean Assessment*
$310,900
$158,800
$228,100
$331,500
$404,300 -$16,800 -4.0%
$279,700 -$10,800 -3.7%
Chanqe in Mean
-$10,900 -3.4%
-$6,100 -3.7%
-$10,800 -4.5%
-$22,900 -6.5%
*Rounded to nearest $100
AVERAGE HOME ASSESSMENT
$350,000
$300,000
~
~ $250,000
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Fiscal Year
~ ASSESSMENT COMPARISON BY CLASSIFICATION
Classification 2012 Assessment 2011 Assessment
General Commercial 9•4% 9•1%
Hotel 2.0% 2.0%
15.7% 15.4%
Office 2.6% 2.6%
Industrial 1.7% 1.7%
Apartment 5•1% 4~8~~0
Residential 62.1% 62.5%
Townhouse 6.2°/a 84.3% 6.3% 84.6%
Condominium 10.6% 10.7%
Agriculture 0.3% 0.3%
~JANUARY 2O1 O THRU DECEMBER 2O1 O)
Commercial
28 General Commercial $33,177,400
6 Industrial 4,291,900
3 Office 7,196,000
71 Commercial/Industrial Additions 24,145,800
Total Commercial New Construction $68,811,100 22.7%
Residential
301 Single Family $86,401,000
10 Duplexes 2,655,700
14 Townhouses 1,885,000
226 Condominium Units 47,560,100
716 Apartments/Multi-Family 68,864,162
1,489 Residential Additions 26,688,630
Total Residential New Construction $234,054,592 77.3%
Total New Construction #302,865,692 100%
--------- -
NUMBER OF NEW HOUSING UNITS BUILT
Year Homes Duplex Units Apartment Units Total Housina Units
2010 541 Z~ ~16 1'2~~
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
AVERAGE ASSESSMENT ON A NEW HOME
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2001 2002 2003 2004 2005 2006 2007 2008 2009 201
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pGrowth OAppreciatioa/Depreciatioa '
Fiscal Year 2011-2012 (Proiectedl
Growth 0.5%
Depreciation -3.5%
Assessment Change -3.0%
Lynnhaven Mall Shopping District TIF
Base Year FY 1998 $225.3 Million
Preliminary FY 2012 $423.0 Million
Sandbridge District TIF & SSD
Base Year FY 1998 $206.1 Million
Preliminary FY 2012 $1.021 Billion
Central Business District South TIF
Base Year FY 1999 $151.8 Million
Preliminary FY Z012 $724.8 Million
Special Service District
First Year FY 2003 $18.5 Million
Preliminary FY 2012 $367.1 Million
REAL ESTATE TAX RELIEF'
INCOME & NET WORTH LIMITATIONS
Current State Limitations
Income $ 67,000
Net Worth $350,000
Current VirQinia Beach Limitations
Income:
. Deferral $67,000
. Freeze $67,000
. Exemption
. 100% $0 - $47,100
. 20% $59,400 - $63,450
Net Worth $350,000 (All Programs)
~ REAL ESTATE TAX PROGRAM FOR
SENIOR C[TIZENS & DISABLED PERSONS
Number of Re cipients Tax Deferred Tax Reduction
FY 2012 7,798 $35,755 $15,456,251
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