February 28, 2024

Five Things to Know About the 2024/2025 Real Estate Assessments

City Council was briefed about real estate values in Virginia Beach—here’s what it means for residents.

Condominium Neighborhood

Virginia Beach property owners have no doubt noticed the steady increase in the assessed value of their homes since 2022. Homeowners typically want their property values to increase over time, however assessments have continued to rise since 2020.  

It’s important to keep in mind that the tax rate in Virginia Beach has remained steady at $0.99 per $100 of assessed value – the lowest in our region. 

Real Estate Assessor Sue Cunningham presented an overview of the 2024 assessments to City Council on Feb. 27. The revenue that comes from these taxes makes up about a third of the City’s budget and funds services such as public education, fire and police protection, and roads throughout our community. 

Here are the main takeaways from the presentation. 

Assessments Went Up 7.37% 

While assessments did increase, this is the first time since 2021 that the year-over-year increase was not higher than the previous year’s increase. Increases in FY23 and FY24 were 9.2% and 9.7%, respectively. The residential median assessment went up about $21,000 this year compared to $29,000 in FY24 and the $30,000 increase in FY23. 

All told, this represents about $82 billion in property values throughout the city. This figure includes growth of new properties and appreciation of existing properties. 

New Housing Units Built More than Doubled 

In 2023, 985 new housing units were built in Virginia Beach, a sharp increase from the 431 new units in 2022. This is closer to the pre-COVID levels of 1,109 units in 2019 and 1,233 units in 2020. 

This includes 314 homes, 665 apartment units and six duplex units. 

Median Value of New Homes Decreased 

In 2023, the median value of a new home decreased $100,000 from $643,100 to $543,100, putting it in line with the median value in 2021. This is the first reduction in new home median values since 2020. 

Tax Relief is Available to Qualifying Residents 

Programs are available for: 

  • Disabled veterans 
  • Energy efficient buildings 
  • Historic landmarks or historically significant structures 
  • Rehabilitated commercial or industrial structures 
  • Senior citizens 
  • Disabled individuals (non-military) 
  • Agricultural, horticultural forest and open-space lands 

Details about these programs can be found under the relief & incentives section of the Real Estate Assessor’s website. 

Assessments Can Be Appealed 

If you believe that your assessment is incorrect, the Real Estate Assessors Office can reassess the value of your property. Hearings to review assessments are heard from March through May.  

More information about the appeals process, including the necessary forms, can be found on the Assessor’s website.  

Details about the how properties are assessed are also available. 

For more information from the Real Estate Assessor's Office, visit assessor.virginiabeach.gov.

About the Budget 

The City is in the process of putting together the budget for the upcoming fiscal year. At the City Council retreat on Feb. 13 and 14, City Council directed the city manager to bring forward a proposed budget that includes a 2-cent reduction in the real estate tax rate. For a home assessed at the current median value of $388,000, this equates to about an $80 per year reduction in the owed taxes. 

To estimate your owed taxes, take the assessed value of your property and multiply it by .0099 to see the current tax rate and .0097 for the 2-cent reduction.  

Not sure what your property value is? Use the property search tool to find your address. 

Assessments will be mailed to residents on March 1.  

The city manager will present his proposed budget to City Council on Tuesday, March 19. Following community input and public hearings, City Council will vote to adopt a budget in May. 

Be in the Know About the Budget

Learn more by visiting budget.virginiabeach.gov. Watch the City Council meetings and be prepared to provide your input on the proposed budget in April. Subscribe now to get updates on the City’s budget process and how you can provide your input before major decisions are made.

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