Portsmouth assessor reports $378.6 million rise in land book; residential median up 3.3% in FY26 reassessment

City Assessor Steve Edwards told the Portsmouth City Council that the city's proposed land book for the upcoming fiscal year is nearly $10.9 billion, an increase of about $378,600,000 from last year, driven by market activity across neighborhoods and property classes. Notices are planned for mailing on or about March 7, informal hearings will be held March 17–31, board of equalization applications will be accepted through April 25, and the new land book is scheduled to take effect July 1, 2025.

Edwards said the office used 2024 calendar-year market data for the mass appraisal and cited the assessor's statutory authority under Title 58.1 of the Code of Virginia and the state's established fair-market-value standard from Tuckahoe Woman's Club v. City of Richmond (1958). “State code also requires assessors to strive for 100% of fair market value,” Edwards said, describing the office’s mission and mass-appraisal approach. He characterized the office’s workflow as “reactive, not proactive” because assessments are based on prior-year data.

The reassessment metrics Edwards presented included a median residential increase of 3.3%…