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Assessor reports 3.76% citywide reassessment; homeowners' appeals begin April 14
Summary
City Assessor John Fountain and appraisal supervisors Mark Beasley and Mike Edwards summarized the FY 2026 reassessment: a proposed 3.76% overall increase in total assessed value, a residential median rising to $272,300, and informal hearings scheduled April 14'18 for property owners seeking review.
John Fountain, City Assessor for Newport News, presented an overview of the FY 2026 property reassessment to the council on April 8 and outlined appeal timelines and market methods.
Fountain said reassessment is required by the Code of Virginia and the proposed overall change in taxable value is an increase of 3.76% across the city. "The total FY 20 26 proposed reassessment represents an overall increase of 3.76%," he said. He explained the appraisal staff used the cost, sales-comparison and income approaches and that the market study period covered sales from Jan. 1, 2024, through Dec. 31, 2024.
The nut graf: Fountain and residential supervisor Mark Beasley gave specifics for housing markets: the city has about 49,100 residential parcels; the proposed median assessed value rises to $272,300 from $259,100 (a $13,200 increase). Beasley said average residential increases for single-unit homes were about 4.84% and condos about 6.21%; the residential assessment ratio was about 99.3% of market value.
Fountain said informal office hearings are scheduled April 14'18 and that formal board-of-equalization applications are due Sept. 1, 2025. Beasley described the typical appeal process: a phone call or office visit, a possible no-cost site inspection and a review of comparable sales. He said the appraisal staff typically handles only a few dozen informal residential hearings in most years and that the staff will correct assessments when warranted.
Commercial appraisal supervisor Mike Edwards summarized the non-residential picture. He said apartment values rose about 2.5% and represent approximately $3.3 billion in assessed value. Industrial property values rose about 4.5% while commercial (retail/office) values were relatively flat (up 0.3) amid higher office vacancies.
Less critical details: Edwards referenced a University of Virginia-affiliated data series (Baldwin Cooper) showing taxable sales up about 1.6% in 2024 and noted grocery and general-merchandise categories were the largest contributors.
