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Jan. 24, 2018 – The total value of property in Hampton increased by $101 million last year, City Assessor Brian Gordineer told City Council Wednesday afternoon. About two-thirds of that increase came from growth and new construction, which occurred in all sectors: residential, multi-family and commercial developments.
Existing properties also gained in value this year. This is the city’s fourth consecutive year of gains overall, and the second year of increases in home values.
Still, the overall growth has been slow and remains under 1 percent (0.71%), with the land book growing from $14.266 billion to $14.367 billion. Gordineer noted that property values often follow employment trends, and he showed several media reports of the Hampton Roads region’s slow recovery, largely due to constrained federal spending.
Of the seven main cities in the region, only Chesapeake has surpassed its pre-recession property valuation. Hampton is at 95% of its pre-recession level, and Newport News is about 94%. Norfolk, Portsmouth, Suffolk and Virginia Beach are between 96% and 97%.
Those numbers include new construction, Gordineer noted. Nationally, only 34% of homes have bounced back to their pre-recession values, he said, quoting statistics compiled by the real estate web site Trulia.
Still, he said, there are positive signs for Hampton homeowners: Foreclosures are down, and the quantity of market home sales and average sales prices are up. The 0.64 percent that home values picked up was the largest increase in 10 years. More residents will find their property has increased in value this year – about 20 percent – while 9 percent will see decreases. More than two-thirds of properties didn’t change.
The preliminary land book is the city’s valuation of properties as of Jan. 1, 2018. These assessments will be used as the basis for the fiscal 2019 budget. The overall total is likely to change upward July 1, when the final land book total will be adjusted for new construction and new parcels.
The city looks at assessment neighborhoods, or groupings of homes with similar characteristics. Maps of annual changes in neighborhoods can be found at: http://www.hampton.gov/DocaumentCenter/View/20317.
Only properties that changed in value will get reassessment notices, which will be mailed Jan. 26. Residents who want to check their assessment can do it online beginning on that date at: hampton.gov/property. Information about appeals or questions about assessments can be directed to hampton.gov/assessor.