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City assessor: Virginia Beach preliminary FY26 assessments up 5.6%, projected $86.9 billion in real estate value
Summary
City Assessor Sue Cunningham presented preliminary FY26 real estate assessment results to council, reporting a projected 5.6% increase in assessed value, major drivers and timing for final land book and tax notices.
Sue Cunningham, the city assessor, presented the preliminary results of the FY26 real estate assessment to City Council on March 3, saying the final land book will be completed later this year with an effective date of July 1 and that assessment notices are scheduled to be mailed Feb. 28.
Cunningham said preliminary totals put real estate assessed value at about $86.9 billion, a 5.6% increase over the previous year, producing roughly $842 million in taxable value at the current tax rate of 97 cents per $100; Cunningham noted that each penny of the tax rate would generate about $8.7 million in real-estate tax revenue. She reminded council that state law requires annual assessments of all…
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