North Tidewater News

Jan. 24, 2024 - The value of homes in Hampton, Virginia has continued to rise in 2023, according to a report presented to the City Council by Interim City Assessor Libby Griebel. The median sale price of homes in the city has reached $266,000. Griebel stated that "90.2% of residential properties saw increases" and "another 7.6% stayed at the same value." The average value of residential properties increased by $16,162, excluding new buildings or those with permits for improvements.

Griebel also mentioned that there was a decrease in the number of home sales due to lower inventory. However, the sales prices increased significantly, with the median sales price rising by more than $13,000 compared to the previous year. The total residential value in Hampton increased by 6.7% compared to the previous year's increase of 10.3%.

City Manager Mary Bunting acknowledged the decrease in the city's tax rate, which has decreased by 8 cents per $100 of value in recent years. However, she emphasized that it is too early in the budget process to determine if the tax rate can be further lowered. Bunting stated, "We will look at that as we get more information further along in the General Assembly's process. We will be having budget discussions at each meeting until the final budget is adopted."

The Office of the Assessor of Real Estate determines property valuation by neighborhood, excluding irregular sales such as foreclosures and sales to family members. A map of neighborhoods and their respective value increases was provided, with the majority of homes experiencing an increase of 10% or less.

While apartments and other multifamily properties saw a slower rate of growth at around 0.8%, business properties experienced an average increase of 3.1%. This is lower than the 5% increase from the previous year but consistent with the increase reported in early 2022.

Overall, the value of all properties in Hampton reached $21.09 billion. Approximately 22% of the city's properties are exempt from taxes, primarily owned by the federal, state, and local government, as well as educational institutions like Hampton University. This brings the taxable property values down to $15.7 billion.

Property owners in Hampton can expect to receive postcards on February 9, notifying them of any changes in their property value. The new assessments will also be available online on that date at https://Hampton.gov/gisportal. These values will be reflected in the tax bills for the next fiscal year (FY25), with the first bill due in December.

For residents with questions about their assessment, they can contact the Citizens Contact Center at 727-8311 or 311 from a landline. They can also send an email to AssessorsWebmail@hampton.gov to get in touch with the appraiser who conducted the assessment in their neighborhood. The appeal process will continue until March 11, with the formal Board of Review appeal concluding on April 11. Residents are encouraged to access information online at Hampton.gov/assessor.

The rise in home values in Hampton reflects the overall growth and desirability of the city. With an increase in median sales price and a significant rise in residential property values, Hampton continues to be an attractive place for homeowners and investors alike.