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Home My WebLink AboutREAL ESTATE ASSESSOR’S ANNUAL REPORT 2.27.24Fiscal Year 2025 Annual Presentation to City Council Presented by : Sue Cunningham, City Real Estate Assessor February 27, 2024 Thank You! Robbie Debbie Joey Tyler Kim Pat Kathi Rob Individually, we are one drop. Together, we are an ocean. - Ryunosuke Satoro I’m not the smartest fellow in the world, but I sure can pick smart colleagues. - Franklin D. Roosevelt Projected FY 2025 Assessments $82,055,214,500 Represents a 7.37% increase from the FY2024 assessment (including growth and appreciation) *Projected 2025 Land Book compared to actual 2024 Land Book. Growth and Appreciation 0.8%0.9%0.9%0.9%0.9%0.7%0.6%0.8%0.6%0.4%0.5% 3.0%2.1%2.4%2.2%2.2%2.9%2.9%3.1% 8.6%9.3%6.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Growth Appr/Depr Total Change Total Parcels of Real Estate Inventory Maintenance Productivity Calendar Year 2022 2023 2024 Taxable Parcels 159,126 159,315 159,535 Exempt Parcels 3,772 3,770 3,783 Total 162,898 163,085 163,318 Calendar Year 2022 2023 Ownership Transfers 15,591 12,328 Subdivision Plats 161 148 Corrections 161 611 District Breakdown of Assessments *Taxable - Assessments as of January 2024 District Parcels Total Assessment 01 15,920 $6,350,674,400 02 18,228 $10,403,840,500 03 15,940 $6,874,890,300 04 11,947 $6,351,176,900 05 16,178 $8,454,689,900 06 15,730 $13,790,041,400 07 14,852 $5,639,617,700 08 17,757 $10,948,835,500 09 15,900 $8,058,439,500 10 14,113 $5,023,008,400 Total 156,565 $81,895,214,500 Classification 2024 Assessment FY 2025 Assessment Comparison By Classification Change in Property Value by Classification Classification FY 2025 Assessment Change* General Commercial $6,229,250,700 $319,296,200 5.4% Hotel $1,680,825,700 $228,155,400 15.7% Office $2,013,313,000 $1,459,700 0.1% Industrial $1,390,732,800 $100,604,900 7.8% Apartment $6,587,399,400 $87,783,700 1.4% Residential SF $49,779,672,300 $3,836,486,300 8.4% Townhouses $4,697,378,300 $406,820,500 9.5% Condominiums $9,294,798,600 $815,097,300 9.6% Agriculture $221,843,700 $16,903,400 8.2% Total $81,895,214,500 $5,812,607,400 7.6% *Reflects growth and appreciation. (January 2023 to January 2024) Appreciation by Category Overall Median Change Overall Mean Change 6.61%7.82% Residential 6.71% Apartment 1.36% Commercial/Industrial 3.09% Residential 7.84% Apartment -0.47% Commercial/Industrial 8.67% *Actual appreciation through January 2024 when FY 2025 notices are mailed. -0.1 -0.05 0 0.05 0.1 0.15 0.2 0.25 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Percent AppreciationFiscal Year Median Appreciation Change of Residential Property * As of January 2024 10.00% 12.00% 7.86% 6.06% 5.48% 6.90% 9.23% Under $150,000 $150,000 - $199,999 $200,000 - $249,999 $250,000 - $349,999 $350,000 - $499,999 $500,000 - $749,999 $750,000 or greater Median Change of Residential Property by Value Range * As of January 2, 2024, rounded to the nearest 100 2,078 9,564 19,329 27,746 46,891 17,238 14,981 6,359 1,632 $737,500 $398,400 $402,600 $392,800 $355,800 $503,000 $393,300 $551,100 $719,400 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 Prior to 1950 1950 to 1959 1960 to 1969 1970 to 1979 1980 to 1989 1990 to 1999 2000 to 2009 2010 - 2019 2020 to Present Number Mean Assesment * Residences by Year Built Type Number Median Assessment* Mean Assessment* Change in Median Mean / Median Residential Values Median Home Assessment 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Valid Residential Sales by Quarter (2022 to 2023) 2,143 2,493 2,360 1,514 1,362 1,831 1,687 1,348 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2022 2023 Count of Sales Mean Sale Price Median Sale Price 2022 2023 New Construction (January 2023- December 2023) Commercial Residential 22%78% Value Of Annual New Construction In Millions of Dollars $439.9 $348.2 $536.3 $459.1 $454.3 $471.2 $503.7 $373.1 $284.3 $440.4 $0 $100 $200 $300 $400 $500 $600 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Calendar Year Commercial Residential Total Number Of New Housing Units Built 1,464 1,039 1,661 1,094 1,443 1,109 1,233 734 431 985 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Housing UnitsCalendar Year Median / Mean Assessment of New Homes $465,500 $468,700 $468,000 $499,700 $572,100 $560,000 $524,500 $665,300 $813,200 $726,400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Median Mean New Home Construction by Value Range 0.6% 26.3% 17.4% 19.0% 36.7% Under $250,000 $250,000-$349,999 $350,000-$499,999 $500,000-$749,999 $750,000 or greater 26.9% below $350,000 73.1% above $350,000 *As of January 1, 2024. Change in Land (Re-zonings and Subdivision of Property) $164 $124 $94 $58 $69 $71 $58 $45 $36 $61 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Assessed Value (in Millions)Calendar Year Tax Increment Financing & Special Service Districts Sandbridge District SSD Base Year FY 1998 $206.1 Million Preliminary FY 2025 $1.9 Billion Central Business District South TIF* Base Year FY 1999 $151.8 Million Preliminary FY 2025 $1.2 Billion Central Business District SSD First Year FY 2003 $18.5 Million Preliminary FY 2025 $589.0 Million FY 2025 as of January 2024 *CBD South TIF includes the SSD. Neighborhood Dredging Special Service Districts District SSD District FY 2025 Preliminary 081 Old Donation Creek $48.30 Million 091 Bayville Creek $18.50 Million 051 Shadow Lawn $28.70 Million 083 Chesopeian Colony $89.80 Million 052 Harbour Point $27.30 Million 084 Gills Cove $29.20 Million 085 Hurds Cove $59.70 Million 082 Schilling Point $11.70 Million Virginia Landmarks Register Partial Real Estate Tax Reduction Blue Marlin Lodge Briarwood Cavalier Hotel Cutty Sark Green Hill House Hermitage House Jefferson Manor Apartments Keeling House Miller-Masury House/Greystone Manor Pembroke Manor Shirley Hall Thomas Murray House Weblin House Woodhouse House FY 2024 Tax Reduction = $100,958 Virginia Beach Historic Rehabilitation VIBE District Rehabilitation FY 2024 Tax Reduction = $33,958 Address Credit in Effect 4300 Calverton Lane 7/1/2014 – 6/30/2029 501 Virginia Beach Blvd 7/1/2016 – 6/30/2031 525 Kempsville Road (Apartments – Old Kempsville High School)7/1/2017 – 6/30/2032 FY 2024 Tax Reduction = $13,019 Address Credit in Effect 510 18th Street, Unit B 7/1/2020 – 6/30/2030 505 18th Street 7/1/2020 – 6/30/2030 311 Virginia Beach Blvd 7/1/2021 – 6/30/2031 315 Virginia Beach Blvd 7/1/2021 – 6/30/2031 325 Virginia Beach Blvd 7/1/2022 – 6/30/2032 APZ Conforming Use Rehabilitation Credit FY 2024 Tax Reduction = $1,951 Address Credit in Effect 1765 Virginia Beach Blvd 7/1/2021 – 6/30/2036 Energy Efficient Buildings Partial Real Estate Tax Reduction 891 Parcels 32,477 Acres 20.4% of City’s total acreage Fiscal Year Acreage Under Land Use Program Acreage Rolled Back Roll Back Taxes Land Use Roll Backs 29 Real Estate Tax Exemption / Deferral / Freeze Fiscal Year 2024 100% Disabled Veterans, Spouses of Members of the Armed Forces Killed in Action & Spouses of Emergency Service Providers Killed in the Line of Duty Number of Recipients Tax Reduction 5,117 $13,657,210 Program Recipients Tax Reduction Disabled Veterans 5,106 $21,657,986 Spouses of KIA’s 15 $65,587 Line of Duty Act (LODA)2 $6,703 Total 5,123 $21,730,276 *Administered by the Commissioner of Revenue. Senior Citizens & Disabled Persons Thank You City Council! Technology Advancements THANK YOU!