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City assessor outlines 3.76% overall reassessment; median residential value rises about $13,200
Summary
City Assessor John Fountain and appraisal supervisors presented the FY26 reassessment numbers: overall proposed increase 3.76%; residential parcels make up about 59% of total value; median residential assessed value rose from $259,100 to $272,300. Informal hearings are scheduled April 14–18.
City Assessor John Fountain and appraisal supervisors Mark Beasley and Mike Edwards briefed the City Council on April 8 on the fiscal 2026 reassessment and how residents can appeal their new valuations.
Fountain told council that "reassessment is required by Virginia state law, and the Code of Virginia mandates assessments be made at fair market value." He said the overall proposed reassessment represents an increase of 3.76% citywide, with residential parcels making up roughly 59% of the total taxable value and commercial property about 41%.
Mark Beasley, residential supervisor, said the city has about 49,100 residential properties. He reported average increases on the residential side of roughly 4.84% for single-family units, 6.21% for condos and 6.08% for two- to four-unit multifamily properties. Beasley said the median assessed residential value for FY25 was $259,100 and the proposed FY26 median is $272,300 — an increase of about $13,200.
Beasley identified the largest neighborhood increase at roughly 28.4% in a neighborhood named Jennifer Square. He said there were 1,722 arm's-length residential transactions in the market study period (calendar year 2024) and that the city's assessment ratio on residential properties was very close to market, approximately 99.6%.
Fountain explained the appeals process: informal office hearings are scheduled April 14–18 and formal appeals to the Board of Equalization must be filed by Sept. 1, 2025. Beasley described the initial appeal steps as a phone call or office visit, property remeasurement or on-site inspection at no cost and a statistical review of sales comparables.
Mike Edwards, commercial appraisal supervisor, described different drivers on the commercial side, noting apartments and industrial properties showed relative strength while class A office values remain under pressure from higher vacancies and lower rents.
Ending: Assessors said staff will publish educational materials and a video about assessments and appeals and encouraged residents to review reassessment notices and use the April informal hearing window if they have questions.
