2019 Virginia Beach Real Estate Assessments

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The Virginia Beach Real Estate Assessor’s Annual Report for fiscal year 2019 reveals that real estate values are up for the fifth consecutive year. On average, property values increased by 2.8 percent, across the city.

For individual areas and property types; 68 percent of properties increased in value, 17 percent decreased, and 15 percent remained unchanged.

As of January 2018, the average change for residential properties was 2.17 percent; the median was 1.89 percent.

In 2017, new construction totaled $459.1 million in value. And, 76.7 percent of that new construction was residential versus 23.3 percent for commercial/industrial.

All properties throughout Virginia Beach will generate approximately $572.5 million in real estate tax revenues. Real estate tax revenues are the primary source of income for the City of Virginia Beach.

Each penny of the tax rate (which is $1.0025 per $100 of assessed value) will generate approximately $5.7 million in revenue to support schools and city services.

In March, the Real Estate Assessor’s Office mailed real estate assessment notices for the fiscal year 2019.

To view a specific property’s assessment history, visit VBgov.com/property-search​.

The Real Estate Assessor’s full annual reports are available at https://www.vbgov.com/government/departments/real-estate-assessor/Pages/annual-reports.aspx.

source: City of Virginia Beach

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