Report shows home assessments in Virginia Beach are up

Posted at 3:51 PM, Feb 25, 2014
and last updated 2014-02-25 20:11:18-05

For the first time in six years, most houses in Virginia Beach are worth more than they were last year.

For the city bank account at least, that's a good thing. Several years of tumbling real-estate value slashed millions from every city budget.

But a report going to City Council shows that slide is done. Overall, home assessments in Virginia Beach are up about two percent. That means for most homeowners, 58 percent to be exact, the tax bills in the mail this week will be bigger than last year's.

And the properties that took the biggest hit in the past few years, like high-rise condos, are now seeing the biggest increases. In some areas, the assessments are up 14, 18, even 20 percent. That means a more valuable home, but also higher taxes.

Virginia Beach Real Estate Assessor - Annual Report

Virginia Beach Real Estate Assessor - Neighborhood Assessment Changes