Virginia Beach home values increased slightly

Virginia Beach Home Values Increased Slightly

ABC 13 News reports, Virginia Beach home values increased slightly, according to the Real Estate Assessor’s annual report for the year of 2017-2018.

The report reveals that about 72% of all Virginia Beach properties increased in value, while 14% decreased and 14% remained the same.

Virginia Beach home values increased slightly. The assessed value of all the properties in Virginia Beach increased by a total of 2.45%.

The city’s annual real estate assessments are used to determine how much property owners are charged in real estate taxes. Real estate taxes are the primary source of funding for city services such as public safety, road maintenance, and schools.

Assessments vary based on factors such as age, type, quality and location of the property.

The following breakdown of the assessments has been posted on the City of Virginia Beach website:

TYPE MEDIAN ASSESSMENT MEAN ASSESSMENT CHANGE IN MEAN
Single Family $267,900 $330,700 2.7%
Townhouse $140,800 $152,000 3.2%
Low-Rise Condominium $195,900 $230,000 1.4%
High-Rise Condominium/Co-op $270,600 $290,300 -3.1%
Duplex/Home with Apartments $316,600 $444,400 -0.8%
All Residences $236,900 $291,700 2.4%

Although Virginia Beach home values increased slightly, you may not agree with that assessment.

According to the City of Virginia Beach, if you feel your assessment is way off, you may now appeal the assessment. Appeals are conducted by request Monday – Friday, between 8 a.m. and 5 p.m. by the Personal Property Taxpayers Division at the Commissioner’s office.

Many states like California and Oregon sought solutions in property tax limitations. They made it a part of the Constitution that property assessments could not increase more than 3 to 5% per year from a fixed assessment. To increase property taxes more than 3 to 5%, those states either required bond measures to raise additional money or adjusted the assessment higher to market value when a house sold.

Oregon and California homeowners still complain about their property taxes, but they voted for the extras on their bill. They voted for school bond measures, and money for parks, libraries, and street improvements. But at least the power was in the majorities’ hands rather than in the bureaucrats’ hands.

Virginia Beach home values increased slightly.

However, the coming property tax increase may be the last straw.  The increase may test your ability to pay the mortgage and continue to provide for your other needs. If this is the case, and you’re thinking of selling your house, why not give us a call. Speed is our forte. We can assess your house in a walk through and offer you a price for your house as it stands. The best part: if you are in a hurry, we can close in less than 30 days.

We also work with homeowners looking to downsize and want to sell quickly. Heirs who are looking to sell an inherited house, and couples going through divorce w3ho want to sell their house quickly and move on with their lives.

I am Christian Dunlap and my company, ChristianBuysHouses.com, buys houses all across Hampton Roads, including Virginia Beach, Norfolk, Chesapeake and Portsmouth.

Give me a call today at 757-705-8812 and I will do my best to provide you with the fastest and fairest home selling solution you need.

Christian Dunlap

I am a family man with four kids and one heck of a beautiful wife. For work, I'm one of those, "We buy houses" guys, which basically means I buy houses for cash through out Hampton Roads, fix them up and then resell them. It's a very rewarding career that affords me to the opportunity to meet and help out people from every walk of life.

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