Hampton Residential Property Values Increase by 5 Percent
Residential property values in Hampton went up by 5 percent in the past year, according to a report presented to City Council on Wednesday night by the Assessor’s Office.
A total of 46,356 residential properties had a total assessed value of $13.03 billion, compared to the previous year’s figures of 46,349 properties assessed at $12.4 billion. The new figures represent assessed values heading into Fiscal Year 2027, which begins on July 1.
The 5 percent increase represents a smaller level of growth than the year before, when residential property values went up by 7.9 percent.
Assessor Libby Griebel presented the data to City Council on Wednesday morning at its budget workshop at the Hampton Roads Convention Center, and then again at the council’s legislative session on Wednesday evening in council chambers at City Hall. City Manager Mary Bunting will determine whether to recommend a change to the city’s property tax rate or to leave it at the current level of $1.14 per $100 of assessed value.
On Friday, Feb. 27, the Assessor’s Office will mail out postcards to all property owners who saw changes in their assessed value. The assessments will also be posted here on that date. Of the 51,508 total parcels in Hampton, 42,255 — about 82 percent — saw a change in assessed value.
Property owners wishing to inquire about their assessments can call the office at 757-727-8311 (or just by dialing 311 on a land line within the city limits). Requests for an office review of a property assessment must be filed by March 30, and formal appeals must be submitted to the board of review by April 28. Click here for full details on the appeals process.
The grand total assessment for Fiscal Year 2027 of Hampton’s residential, multi-family, commercial, and exempt properties came to $23.15 billion, an increase over the previous year’s grand total of $22.28 billion.
In her presentation, Griebel noted that the housing market in Hampton is “very competitive,” with homes receiving two offers on average and selling in around 35 days. Looking ahead, she projected that the eventual completion of the Hampton Roads Bridge-Tunnel Expansion will make Hampton a more attractive location by easing traffic congestion and creating more access to defense-related employment.
Click here to watch the full video of the legislative meeting, including the presentation on assessments.