Jan. 26, 2022 - The value of 99% of all properties in Hampton has increased this year, driven largely by the increase in housing values, according to figures presented to City Council on Wednesday by Assessor Libby Griebel. That means "Hampton has a very healthy economy," noted City Manager Mary Bunting.
That’s good news for homeowners, as their assets increased in value, with the median increase being 16%. Those values are the basis for tax bills for Fiscal Year 2023, but Bunting has said that the tax rate will be lowered for the fiscal year.
"I will be recommending a decreased real estate tax rate when I recommend a city budget," Bunting said. It's premature to say how much of a decrease, she said, as there are many unknowns at this time, including some additional unfunded mandates proposed at the state level.
The increases in home prices that started in 2020 escalated in 2021, due to high demand and low inventory. Homes are currently sitting on the market only for 19 days, Griebel said. The median sale price grew to $243,000 in 2021, up from $235,000 in 2020.
The 16% median increase means that half the homes had larger increases and half had smaller, so actual assessment changes vary. The assessors look at sales data for groups of homes of similar age and location, and they apply an increase or decrease value to the properties in that area. Individual home assessments can increase outside of that neighborhood change if they are sold or remodeled or make other improvements. Here’s a map showing neighborhood increases.
Increases also varied among types of property. Residential, which accounts for more than half of all property, increased 16%. Multi-family increased by 26%. Commercial or business properties grew by 5%, after a slight decrease in FY22.
More than 20% of all of Hampton’s properties are tax-exempt, including federal and state properties. They get assessed every year but don’t get tax bills. That means that while residential homes make up 54% of the value of all properties, they make up more than two-thirds of taxable properties.
Removing all exemptions – including tax relief, deferrals, disabled veteran exemptions and other programs – pulls $4.15 billion in property from the tax rolls. The total value of all properties in the city is $17,902,548,700, while the taxable total is $13,745,368,710.
Owners of properties that changed in value will receive postcards, which are being mailed Feb. 11. The information on the city’s GIS property information will also be updated on that day.
Residents who have questions about their assessment can call the Citizens Contact Center at 727-8311, or 311 from a landline, to talk to the person who conducted the assessment in their neighborhood. That is part of the office appeal process, which lasts until March 15. The formal Board of Review appeal goes through April 15. Information will be available at https://hampton.gov/assessor.
This is the city’s formal valuation of property as of the end of 2021. The assessments will be used for the city’s fiscal 2023 budget. That begins in July, with the first tax bills due Dec. 5, 2022.