Nine Virginia Beach Property Trends from the Real Estate Assessor’s Annual Report

The Real Estate Assessor presented the office’s annual report to City Council on Feb. 24. The report helps City leaders and residents understand how real estate assessments impact taxes and community growth and offers insights into the overall health of the Virginia Beach housing market. Here are key takeaways from the FY 2027 report.

Key Takeaways

1. Citywide Property Values Continue to Rise 
   Virginia Beach’s total taxable property assessment reached $92.3 billion, marking a 6% increase over the previous year. Growth is happening across all districts, not just in high-demand areas.
2. District 6 Leads in Total Value 
   The North End (District 6) once again tops the list with $15.69 billion in assessed value, followed by District 8 at $12.44 billion. These areas remain the most valuable due to location with waterfront property and high-value housing stock.
3. Real Estate Tax Revenue Projected at Nearly $897 Million 
   At the current tax rate of $0.97 per $100 of assessed value, FY 2027 real estate tax revenues would reach $896.8 million, up from $843 million in FY 2026. Each penny on the current tax rate generates about $9.2 million.
4. Market Appreciation Slows but Remains Positive 
   The median appreciation for all properties is 5.23%, down from double-digit increases in 2023. Apartments saw the highest growth (6.5%), while commercial and industrial properties grew more modestly.
5. Residential Property Dominates the Tax Base 
   Historically, residential detached properties have always made up the bulk of the City’s tax base. They currently account for 60.9% of total assessed value, with condominiums at 11.2% and apartments at 8.4%. Commercial and industrial properties combined make up about 13.5%.
6. New Construction Hits $719 Million in 2025 
   Last year saw nearly $720 million in new construction, the highest in years. Commercial projects led the way at 50.8%, followed by residential (33%) and multi-family (16.2%).
7. Most Virginia Beach Homes Are Valued Between $250,000 and $499,000 
   About 70% of homes are assessed under $500,000, but new construction is concentrated in higher-priced ranges — 86% of new homes are valued above $350,000, and one-third exceed $1 million.
8. Energy Efficiency Programs Are Growing 
   Tax reductions for energy-efficient buildings increased 27.6% from FY 2025 to FY 2026. 
9. Tax Relief for Seniors and Veterans Continues to Expand In FY 2026, 5,300 seniors (an increase of 56 over FY 2025) received $15.4 million in tax relief (an increase of nearly $1 million), while programs for disabled veterans and surviving spouses accounted for $35.3 million in tax relief — an increase of more than $7.5 million over FY 2025.

Need Help Understanding Your Assessment?  

Your FY 2027 property assessment will be mailed Feb. 27. If you have questions or believe your assessment needs a review, the Real Estate Assessor’s Office is here to help. 

• Appeal Period: Hearings are scheduled from March through April 30. 
• Check Your Details: Use the Property Search Tool to look up your assessment by address. 
• Learn More: Get information about how properties are assessed and the appeals process at Assessor.VirginiaBeach.gov. 

Bottom Line 

The FY 2027 Annual Report shows a healthy and balanced real estate market in Virginia Beach. While appreciation rates have cooled from previous highs, property values remain strong; new construction is robust; and programs supporting sustainability, preservation and tax relief continue to grow. These trends reflect a city that is adapting to economic changes while maintaining stability for residents.

• Real Estate Assessor
• Property Search Tool

The bulk of Virginia Beach's housing stock (70%) is valued between $250,000 and $499,000. However, more than 66% of new construction is valued at $500,000 or more, with about a third of new homes valued at $1 million or more.