Feb. 8, 2023 – The value of homes in Hampton increased again during 2022, according to a report by Assessor Libby Griebel. The median sale price rose to $253,000.
In fact, 96.6% of residential properties saw increases, with the mean or average value of a residential property increasing $22,233, not counting new buildings or those with permits for improvements. The total residential value increase was 10.3%, a lower rate than last year, when values shot up by 16.6%.
City Manager Mary Bunting noted that City Council lowered the tax rate for FY23, from $1.24 per $100 of value to $1.18. She said she will recommend the rate be lowered again for FY24.
”It would be my intention to recommend a tax rate decrease of some magnitude,” said Bunting. “I don’t yet know what that magnitude is. It depends on what happens in Richmond” with the state budget and legislation.
The assessor’s office determines valuation by neighborhood, not individual homes, and excludes irregular sales, such as foreclosures and sales to family members. Here is a map of neighborhoods, along with their increases. The overall increase in value was 10% or less for the majority of homes.
Griebel noted that home sales in Hampton have remained strong even with inflation and interest rate increases. “The economic forecast is for inflation to decrease,” she said, “but housing prices to remain high.”
Apartments and other multifamily properties continued strong growth – 12.9% increase for this year, on top of the 12.9% increase last year.
This year, business properties saw increases as well, averaging 5%. That is stronger than last year’s increase of 3.1%; the previous year saw a decline in values.
In total, the value of all properties in the city reached $19.4 billion. About 20% of the city’s properties are exempt from taxes, primarily those owned by the federal, state, and local government, as well as educational institutions such as Hampton University. That knocks the taxable property values down to $15 billion.
Postcards will be mailed Friday to all property owners whose property changed in value. The new assessments will be available online on Friday as well. By law, they show what tax bills would be at the current rate, even though a decrease in rate is likely.
These values will be effective for fiscal year 2024, which begins July 1, 2023. The first bill based on the new values will be due Dec. 5, 2023.
Residents who have questions about their assessment can call the Citizens Contact Center at 727-8311, or 311 from a landline, or email AssessorsWebmail@hampton.gov to get in touch with the appraiser who conducted the assessment in their neighborhood. That is part of the office appeal process, which lasts until March 13. The formal Board of Review deadline to file an appeal is April 13.