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Home My WebLink AboutI. B. REAL ESTATE ASSESSOR’S FINAL ANNUAL REPORT 2.25.2025FISCAL YEAR 2026 ANNUAL REPORT Office of the Real Estate Assessor Sue Cunningham, Assessor | February 25, 2025 1 THANK YOU!! Real Estate Assessor Staff Coming together is a beginning. Keeping together is progress. Working together is success. – Henry Ford 2 3 PROJECTED FY 2026 ASSESSMENTS Projected Total Assessment $86,897,889,400 Represents a 5.6% increase from FY2025 (including growth and appreciation) $842 Million in tax revenue Each $.01 of the tax rate will generate $8,689,789 GROWTH AND APPRECIATION 4 0.8%0.9%0.9%0.9%0.9%0.7%0.6%0.8%0.6%0.4%0.5%0.7% 3.0%2.1%2.4%2.2%2.2%2.9%2.9%3.1% 8.6% 9.3% 7.2% 4.9%3.8%3.0%3.3%3.1%3.1% 3.6%3.5% 3.9% 9.2% 9.7% 7.7% 5.6% 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 2026 Growth Appr/Depr Total Change 5 Total Parcels of Real Estate Inventory Maintenance Productivity Calendar Year 2023 2024 2025 Taxable Parcels 159,315 159,535 159,704 Exempt Parcels 3,770 3,783 3,767 Total 163,085 163,318 163,471 Calendar Year 2023 2024 Ownership Transfers 12,328 12,638 Subdivision Plats 148 117 Corrections 611 164 DISTRICT BREAKDOWN OF ASSESSMENTS 6 District Parcels Total Assessment 1 15,927 $6,726,088,900 2 18,278 $10,928,230,900 3 15,934 $7,164,345,800 4 11,968 $6,734,078,600 5 16,184 $9,067,368,400 6 15,741 $14,710,757,500 7 14,852 $5,953,687,700 8 17,754 $11,597,029,600 9 15,911 $8,543,722,100 10 14,161 $5,302,579,900 Total 156,710 $86,727,889,400 District Distribution *Taxable - Assessments as of January 2025 Taxable Parcels Classification 2026 Assessment General Commercial 7.4% Hotel 2.0%13.5%Office 2.3% Industrial 1.8% Multifamily 8.4% Residential 60.5% Townhouse 5.8%78.1% Condominium 11.5% Agriculture 0.3% 8.4% FY 2026 ASSESSMENT COMPARISON BY CLASSIFICATION 7 CHANGE IN PROPERTY VALUE BY CLASSIFICATION (January 2024 to January 2025) 8 Classification FY 2026 Assessment Change* General Commercial $6,433,092,000 $203,841,300 3.3% Hotel $1, 708,700,600 $27,874,900 1.7% Office $2,025,505,900 $12,195,900 0.6% Industrial $1,574,8918,100 $184,085,300 13.2% Multifamily $7,286,255,700 $698,856,300 10.6% Residential SF $52,505,001,500 $2,725,329,200 5.5% Townhouses $5,022,579,200 $325,200,900 6.9% Condominiums $9,942,489,900 $647,691,300 7.0% Agriculture $229,446,500 $7,602,800 3.4% Total $86,727,889,400 $4,832,674,900 5.9% *Reflects growth and appreciation. 9 APPRECIATION BY CATEGORY Overall Mean Change 5.65% Overall Median Change 4.95% Residential 5.73% Multifamily 11.48% Commercial/Industrial 2.48% Residential 5.04% Multifamily 9.11% Commercial/Industrial 0.83% *Actual appreciation through January 2025 when FY 2026 notices are mailed. OVERALL MEDIAN APPRECIATION 10 -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026Percent AppreciationFiscal Year CHANGE OF RESIDENTIAL PROPERTY 11 6.86% 6.33% 6.31% 4.45% 4.94% 4.75% 5.69% 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 2025 RESIDENCES BY YEAR BUILT 12 2,047 9,546 19,313 27,729 46,887 17,237 14,981 6,357 1,913 $787,900 $420,200 $423,400 $415,000 $376,400 $529,300 $580,300 $726,700 $870,100 $- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 - 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 * * As of January 2, 2025, rounded to the nearest 100 MEAN / MEDIAN RESIDENTIAL VALUES 13 Type Number Median Assessment* Mean Assessment* % Change in Median Single Family 99,635 $410,100 $513,400 5.64% Townhouse 19,755 $241,100 $254,200 7.30% Low Rise Condominium 22,266 $309,000 $379,100 4.57% High Rise Condo/Co-op 3,098 $429,800 $484,800 4.78% Duplex (Home w/ 2nd DU)1,256 $546,600 $784,400 7.49% All Residences 146,010 $365,300 $459,300 5.06% In addition to residences, there are 41,093 apartment units in multi-family complexes. *Rounded to nearest $100 *January 2024 to January 2025 comparison * MEDIAN HOME ASSESSMENT 14 $220,900 $225,300 $230,900 $236,900 $242,300 $249,500 $254,200 $267,600 $297,900 $326,800 $347,700 $365,300 $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Assessed Value MEDIAN HOME ASSESSMENT HISTORY 15 0 100,000 200,000 300,000 400,000 500,000 600,000 Single Family Townhouse Low Rise Condominium High Rise Condo/Co-op Duplex/Home with ADU FY24 FY25 FY26 NEW CONSTRUCTION January 2024 – December 2024 16 33.3% Commercial 33.9% Multifamily 32.8% Residential Value Of Annual New Construction In Millions of Dollars 17 536.0 458.9 454.1 471.1 503.6 372.9 284.2 439.3 578.2 $0 $100 $200 $300 $400 $500 $600 $700 2016 2017 2018 2019 2020 2021 2022 2023 2024Assessed Value (in Millions)Calendar Year Number Of New Housing Units Built 18 1,039 1,661 1,094 1,443 1,109 1,233 734 431 985 1,221 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Housing UnitsCalendar Year Median / Mean Assessment of New Homes 19 $375,500 $411,500 $420,600 $387,700 $545,900 $643,100 $543,100 $708,900 $499,700 $572,100 $560,000 $524,500 $665,300 $813,200 $726,400 $903,000 2017 2018 2019 2020 2021 2022 2023 2024 Median Mean Rounded to nearest $100. NEW HOME CONSTRUCTION BY VALUE RANGE 20 •20 0.4% 17.7% 20.3% 13.9% 21.8% 25.9%Under $250,000 $250,000-$349,999 $350,000-$499,999 $500,000-$749,999 $750,000-999,999 $1,000,000+ 18.1% below $350,000 81.9% above $350,000 *As of January 1, 2025 CHANGE IN LAND (Re-Zonings and Subdivision of Property) 21 $94 $58 $69 $71 $58 $45 $36 $61 $38 2016 2017 2018 2019 2020 2021 2022 2023 2024Assessed Value (in Millions)Calendar Year TAX INCREMENT FINANCING & SPECIAL SERVICE DISTRICTS 22 Sandbridge District SSD Base Year FY 1998 $206.1 Million Preliminary FY 2026 $2.0 Billion Central Business District South TIF* Base Year FY 1999 $151.8 Million Preliminary FY 2026 $1.2 Billion Central Business District SSD First Year FY 2003 $18.5 Million Preliminary FY 2026 $605.0 Million FY 2026 as of January 2025 *CBD South TIF includes the SSD. Atlantic Park CDA Preliminary FY 2026 $45.0 Million (Beginning FY26 an additional $0.25 additional tax levy) NEIGHBORHOOD DREDGING DISTRICTS Special Service Districts 23 District SSD District FY 2026 Preliminary 081 Old Donation Creek $50.2 Million 091 Bayville Creek $19.2 Million 051 Shadow Lawn $28.8 Million 083 Chesopeian Colony $89.9 Million 052 Harbour Point $29.5 Million 084 Gills Cove $29.0 Million 085 Hurds Cove $63.6 Million 082 Schilling Point $12.5 Million VIRGINIA LANDMARKS REGISTER Partial Real Estate Tax Reduction 24 •Beach Carousel Motel •Blue Marlin Lodge •Briarwood •Cavalier Hotel •Cutty Sark •Green Hill House •Hermitage House FY 2024 Tax Reduction = $108,936 •Jefferson Manor Apartments •Keeling House •Miller-Masury House/Greystone Manor •Pembroke Manor •Shirley Hall •Thomas Murray House •Weblin House VIRGINIA BEACH HISTORIC REHABILITATION 25 VIBE District Rehabilitation FY 2025 Tax Reduction = $33,951 Address Credit in Effect4300 Calverton Lane 7/1/2014 – 6/30/2029501 Virginia Beach Blvd 7/1/2016 – 6/30/2031525 Kempsville Road(Apartments – Old Kempsville High School)7/1/2017 – 6/30/2032 FY 2025 Tax Reduction = $12,756 Address Credit in Effect510 18th Street, Unit B 7/1/2020 – 6/30/2030505 18th Street 7/1/2020 – 6/30/2030311 Virginia Beach Blvd 7/1/2021 – 6/30/2031315 Virginia Beach Blvd 7/1/2021 – 6/30/2031325 Virginia Beach Blvd 7/1/2022 – 6/30/2032 APZ Conforming Use Rehabilitation Credit FY 2025 Tax Reduction = $1,912 Address Credit in Effect1765 Virginia Beach Blvd 7/1/2021 – 6/30/2036 Energy Efficient Buildings Partial Real Estate Tax Reduction 26* Based upon $0.15 tax credit for qualified buildings. **No expiration date for recipients and tax credit is transferable. $127,260 $1,301,286 53 391 0 50 100 150 200 250 300 350 400 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RecipientsDollar Amount of Tax Reduction Fiscal Year Dollars Recipients LAND USE TAXATION FY25 27 889 Parcels 31,877 Acres 20% of City’s total acreage Agriculture Forest Open Space Swamp Marsh LAND USE ROLL BACKS 28 Fiscal Year Acreage Under Land Use Program Acreage Rolled Back Roll Back Taxes 2024 31,877 191 $273,353 2023 32,936 25 $104,929 2022 32,899 123 $434,722 2021 33,046 48 $51,827 2020 33,381 38 $23,810 2019 33,003 44 $54,824 2018 33,382 40 $103,353 2017 33,061 76 $211,484 2016 32,922 77 $100,352 2015 33,351 241 $145,030 2014 34,153 115 $268,241 EXEMPT PROPERTY 29 Federal Government 178 Parcels $5,545,195,300 State Government 194 Parcels $248,064,900 Local Government 2241 Parcels $4,291,411,700 Regional Government 119 Parcels $190,588,500 Cemeteries & Graves 96 Parcels $2,748,200 Religious 363 Parcels $774,335,100 Educational 27 Parcels $558,245,400 Fire & Rescue Squads 6 Parcels $10,177,800 Benevolent 21 Parcels $20,683,300 Charitable 522 Parcels $766,761,900 Totals 3,767 Parcels $12,408,212,100 The total projected assessed value of all real estate property exempted from taxation represents 12.5% of all real property assessed in the City. The total reduction in tax revenues resulting from such exemptions at the FY25 tax rate of $0.97 is $120,359,657.37. Real Estate Tax Exemption / Deferral / Freeze Fiscal Year 2025 30 100% 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 5,244 $14,580,310 Program Recipients Tax Reduction Disabled Veterans 6,242 $27,710,788 Spouses of KIA’s 14 $62,658 Line of Duty Act (LODA)4 $15,549 Total 6,260 $27,788,996 *Administered by the Commissioner of Revenue Senior Citizens & Disabled Persons REMINDERS •Notices will be mailed February 28th •Annual Report and Neighborhood Report available on our website •Please review notices - our office is available for questions, concerns 31 Questions? 32 THANK YOU!