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Home My WebLink AboutReal Estate Assessor's Annual ReportFISCAL YEAR 2027 ANNUAL REPORT Office of the Real Estate Assessor Sue Cunningham, Assessor | February 24, 2026 1 THANK YOU!! Real Estate Assessor Staff •No one can whistle a symphony. It takes a whole orchestra to play it. •– H.E. Luccock 2 PROJECTED FY 2027 ASSESSMENTS 3 Projected Total Assessment $92,452,029,100 Represents a 6.0% increase from FY2026 (including growth and appreciation) $896 Million in tax revenue Each $.01 of the tax rate will generate $9,245,200 GROWTH AND APPRECIATION 4 3.1%3.2%3.6%3.5% 3.9% 9.2% 9.7% 7.7% 6.0%6.0% 2.2%2.2% 2.9%2.9%3.1%8.6%9.3%7.2%5.3%5.2% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027Growth/AppreciationTotal Change Growth Appreciation 5 Total Parcels of Real Estate Inventory Maintenance Productivity Calendar Year 2024 2025 2026 Taxable Parcels 159,535 159,704 159,891 Exempt Parcels 3,783 3,767 3,787 Total 163,318 163,471 163,678 Calendar Year 2024 2025 Ownership Transfers 12,638 13,599 Subdivision Plats 194 257 Corrections 164 203 DISTRICT BREAKDOWN OF ASSESSMENTS 6 *Taxable assessments as of January 2026 Change is from January 2025 – January 2026 District Parcels Total Assessment % Change 1 16,030 $7,065,228,900 5.04% 2 18,582 $11,777,814,600 7.77% 3 16,087 $7,580,755,100 5.81% 4 12,103 $7,053,438,600 4.74% 5 16,368 $9,797,235,100 8.05% 6 16,814 $15,689,421,100 6.65% 7 15,050 $6,276,320,700 5.42% 8 17,963 $12,441,984,200 7.29% 9 16,437 $9,092,497,200 6.42% 10 14,457 $5,552,333,600 4.71% Total 159,891 $92,327,029,100 6.46% D01 D02 D03 D04 D05 D06 D07 D08 D09 D10 Distribution by Total Assessment DISTRICT BREAKDOWN OF PARCEL TYPE 7 ASSESSED VALUE BY CATEGORY DISTRICT COMMERCIAL MULTI-FAMILY RESIDENTIAL D01 7.9%8.1%84.0% D02 0.9%4.6%94.4% D03 8.4%27.5%64.1% D04 25.8%31.4%42.8% D05 2.9%19.2%77.9% D06 10.3%17.6%72.0% D07 8.5%6.9%84.6% D08 5.4%5.4%89.2% D09 9.7%8.5%81.8% D10 11.3%9.7%79.0% PARCEL COUNTS BY CATEGORY DISTRICT COMMERCIAL MULTI-FAMILY RESIDENTIAL D01 411 22 15,503 D02 486 3 17,818 D03 896 29 15,021 D04 964 105 10,922 D05 983 19 15,191 D06 1,522 190 14,047 D07 188 127 14,523 D08 492 28 17,237 D09 397 344 15,178 D10 188 136 13,891 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% D01 D02 D03 D04 D05 D06 D07 D08 D09 D10 PARCEL COUNT (PERCENT OF DISTRICT) Res Comm MultiFam 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 110.0% D01 D02 D03 D04 D05 D06 D07 D08 D09 D10 ASSESSED VALUE (PERCENT OF DISTRICT) Res Comm MultiFam DISTRICT BREAKDOWN OF PARCEL TYPE 8 ASSESSED VALUE BY CATEGORY (IN MILLIONS) DISTRICT COMMERCIAL MULTI-FAMILY RESIDENTIAL TOTAL D01 $574.68 $555.00 $5,935.55 $7,065.23 D02 $542.88 $111.08 $11,123.86 $11,777.81 D03 $2,081.90 $640.29 $4,858.56 $7,580.76 D04 $2,218.04 $1,817.97 $3,017.43 $7,053.44 D05 $1,882.07 $286.89 $7,628.27 $9,797.24 D06 $2,768.65 $1,618.60 $11,302.18 $15,689.42 D07 $431.40 $535.10 $5,309.81 $6,276.32 D08 $675.38 $667.27 $11,099.34 $12,441.98 D09 $772.44 $883.11 $7,436.94 $9,092.50 D10 $538.19 $627.26 $4,386.89 $5,552.33 $0.00 $2,000.00 $4,000.00 $6,000.00 $8,000.00 $10,000.00 $12,000.00 $14,000.00 $16,000.00 $18,000.00 D01 D02 D03 D04 D05 D06 D07 D08 D09 D10 ASSESSED VALUE BY CATEGORY (IN MILLIONS) COMMERCIAL MULTIFAM RESIDENTIAL Taxable Parcels based on Assessed Value ASSESSMENT COMPARISON BY CLASSIFICATION HISTORY 9 CHANGE IN PROPERTY VALUE BY CLASSIFICATION (January 2026 to January 2027) 10 *Reflects growth and appreciation. CLASSIFICATION FY 2027 ASSESSMENT CHANGE* General Commercial $6,761,699,300 $328,607,300 5.1% Hotel $1,722,488,400 $13,787,800 0.8% Office $2,077,119,300 $51,613,400 2.5% Industrial $1,924,320,800 $349,502,700 22.2% Apartment $7,742,568,800 $456,313,100 6.3% Residential $56,206,123,800 $3,701,122,300 7.0% Townhouses $5,277,989,700 $255,410,500 5.1% Condominiums $10,380,604,900 $438,115,000 4.4% Agriculture $234,114,100 $4,667,600 2.0% TOTAL $92,327,029,100 $5,599,139,700 6.5% 11 MEAN/MEDIAN APPRECIATION BY CATEGORY Overall Mean Change 5.74% Overall Median Change 5.23% Residential 5.79% Multifamily 6.02% Commercial/Industrial 4.53% Residential 5.29% Multifamily 6.50% Commercial/Industrial 3.63% *Actual appreciation through January 2026 when FY 2027 notices are mailed. DISTRIBUTION OF CHANGE IN VALUE (approximate) 12Actual appreciation through January 2026 when FY27 notices are mailed. Decreased 5.20% Decreased or Remained Unchanged 6.10% Less than 5% Increase 47.10% Less than a 10% Increase 88.00% Greater than 10% Increase 12.00% Greater than 15% Increase 3.30% Greater than 20% Increase 1.50% OVERALL MEDIAN APPRECIATION 13 -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 2026 2027Percent AppreciationFiscal Year CHANGE OF RESIDENTIAL PROPERTY 14* As of January 2026 14.33% 4.76%4.61% 5.51%5.52%6.02% 7.48% 2.61% 4.11%4.18% 5.10%5.25%5.82% 6.89% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% less than 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 Mean % Change in Assesment Median % Change in Assessment RESIDENCES BY YEAR BUILT (MEDIAN ASSESSMENT) 15 2,015 9,518 19,295 27,716 46,887 17,238 14,980 6,360 2,259 551,900 326,600 364,200 366,400 341,700 489,700 500,300 608,500 708,200 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Prior to 1950 1950 to 1959 1960 to 1969 1970 to 1979 1980 to 1989 1990 to 1999 2000 to 2009 2010 to 2019 2020 - Present Number Median Assessment *As of January 1, 2026, rounded to the nearest 100 MEAN / MEDIAN RESIDENTIAL VALUES 16 In addition to residences, there are 41,827 apartment units in multi-family complexes. *Rounded to nearest $100 *January 2025 to January 2026 comparison * Type Number Mean Assessment Median Assessment Change in Median Single Family 99,746 $549,500 $432,800 5.54% Townhouse 19,764 $267,100 $251,900 4.48% Low Rise Condominium 22,417 $392,500 $323,900 4.82% High Rise Condo/Co-op 3,098 $510,700 $446,300 3.84% Duplex/Home with ADU 1,243 $795,200 $579,200 5.96% All Residences 146,268 $488,600 $383,600 5.01% MEDIAN HOME ASSESSMENT HISTORY 17 432,800 251,900 323,900 446,300 579,200 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 Single Family Townhouse Low Rise Condominium High Rise Condo/Co -op Duplex/Home with ADU FY25 FY26 FY27 NEW CONSTRUCTION January 2025 – December 2025 18 50.8% Commercial 16.2% Multifamily 33.0% Residential Value Of Annual New Construction In Millions of Dollars 19 454.3 471.2 503.7 373.1 284.3 440.5 578.3 719.3 $0 $100 $200 $300 $400 $500 $600 $700 $800 2018 2019 2020 2021 2022 2023 2024 2025Assessed Value (in Millions)Calendar Year Number Of New Housing Units Built 20 1,443 1,109 1,233 734 431 985 1,221 1,062 0 200 400 600 800 1,000 1,200 1,400 1,600 2018 2019 2020 2021 2022 2023 2024 2025 Calendar Year Median / Mean Assessment of New Homes 21 $411,500 $420,600 $387,700 $545,900 $643,100 $543,100 $709,800 $681,500 $572,100 $560,000 $524,500 $665,300 $813,200 $726,400 $903,000 $865,100 2018 2019 2020 2021 2022 2023 2024 2025 Median Mean Rounded to nearest $100. NEW HOME CONSTRUCTION BY VALUE RANGE 22 Under $250,000, 0.0% $250,000-$349,999, 14.0% $350,000-$499,999, 19.8% $500,000-$749,999, 22.9% $750,000-999,999, 11.0% $1,000,000+, 32.3% 14.0% below $350,000 86.0% above $350,000 *As of January 1, 2026 CHANGE IN LAND (Re-Zonings and Subdivision of Property) 23 $69 $71 $58 $45 $36 $61 $38 $9 2018 2019 2020 2021 2022 2023 2024 2025Assessed Value (in Millions)Calendar Year TAX INCREMENT FINANCING & SPECIAL SERVICE DISTRICTS 24 Sandbridge District SSD Base Year FY 1998 $206.1 Million Preliminary FY 2027 $2.2 Billion Central Business District South TIF* Base Year FY 1999 $151.8 Million Preliminary FY 2027 $1.3 Billion Central Business District SSD First Year FY 2003 $18.5 Million Preliminary FY 2027 $630.0 Million FY 2027 as of January 2026 *CBD South TIF includes the SSD. Atlantic Park CDA Base Year Preliminary FY 2026 FY 2027 $45.0 $126.3 Million Million (Beginning FY26 an additional $0.25 additional tax levy) NEIGHBORHOOD DREDGING DISTRICTS Special Service Districts 25 District SSD Description FY 2026* D051 Shadow Lawn $29.60 D052 Harbour Point $30.10 D081 Old Donation Creek $53.00 D082 Schilling Point $13.70 D083 Chesopeian Colony $95.90 D084 Gills Cove $33.30 D085 Hurds Cove $70.00 D091 Bayville Creek $22.30 VIRGINIA LANDMARKS REGISTER Partial Real Estate Tax Reduction 26 •Beach Carousel Motel •Blue Marlin Lodge •Briarwood •Cavalier Hotel •Cutty Sark •Green Hill House •Hermitage House FY 2026 Tax Reduction = $118,842 •Jefferson Manor Apartments •Keeling House •Miller-Masury House/Greystone Manor •Pembroke Manor •Shirley Hall •Thomas Murray House •Weblin House VIRGINIA BEACH HISTORIC REHABILITATION 27 VIBE District Rehabilitation FY 2026 Tax Reduction = $33,951 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 2026 Tax Reduction = $12,756 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 2026 Tax Reduction = $1,912 Address Credit in Effect 1765 Virginia Beach Blvd 7/1/2021 – 6/30/2036 Buildings Classified as Energy Efficient (Taxed at a different rate) 28 * Based upon $0.15 tax reduction for buildings classified as energy efficient. **No expiration date for recipients and tax credit is transferable. $229,165 $1,660,491 93 126 178 197 216 357 382 391 408 0 50 100 150 200 250 300 350 400 450 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 2018 2019 2020 2021 2022 2023 2024 2025 2026 RecipientsDollar Amount of Tax ReductionDollars Recipients LAND USE TAXATION FY25 29 893 Parcels 31,768 Acres 20% of City’s total acreage Agriculture Forest Open Space Swamp Marsh LAND USE ROLL BACKS 30 Fiscal Year Acreage Under Land Use Program Acreage Rolled Back Roll Back Taxes 2025 31,768 16 $17,455 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 EXEMPT PROPERTY 31 Federal Government 179 Parcels $5,557,437,900 State Government 191 Parcels $247,046,200 Local Government 2251 Parcels $4,746,933,700 Regional Government 119 Parcels $191,403,600 Cemeteries & Graves 99 Parcels $2,748,400 Religious 361 Parcels $813,652,900 Educational 42 Parcels $605,441,400 Fire & Rescue Squads 6 Parcels $10,448,300 Benevolent 21 Parcels $21,719,900 Charitable 518 Parcels $820,350,700 Totals 3,787 Parcels $13,017,183,000 As of January 1, 2026, the total projected assessed value of all real estate property exempted from taxation represents 12.4% of all real property assessed in the City. The total reduction in tax revenues resulting from such exemptions at the FY26 tax rate of $0.97 is $126,266,675. Real Estate Tax Exemption / Deferral / Freeze Fiscal Year 2026 32 *Administered by the Commissioner of Revenue 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2021 2022 2023 2024 2025 2026 Senior Citizens and Disabled Persons 100% Disabled Veterans, Spouses of KIA, and Line of Duty Fiscal Year Recipients Tax Relief 2026 5,300 $ 15,426,617.00 2025 5,244 $ 14,580,310.00 2024 5,117 $ 13,657,210.00 2023 4,999 $ 11,992,019.00 2022 5,052 $ 10,518,893.00 2021 5,106 $ 10,153,500.00 Fiscal Year Recipients Tax Relief 2026 7,581 $ 35,373,087.00 2025 6,260 $ 27,788,996.00 2024 5,123 $ 21,730,276.00 2023 4,122 $ 15,943,834.00 2022 3,319 $ 11,480,819.00 2021 2,682 $ 8,995,399.00 Senior Citizens and Disabled Persons 100% Disabled Veterans, Spouses of KIA’S, and Line of Duty Act REMINDERS •Notices will be mailed February 27th •Annual Report and Neighborhood Report available on our website •We are always available for question and conversation. Please don’t hesitate to reach out. 33 Questions? 34 THANK YOU!