Hampton assessor outlines FY25 reassessment recap as budget season begins

Interim Assessor Libby Bridal presented the FY25 reassessment recap to the Hampton City Council as the city opened budget season, saying the city's grand total assessed value is "21, almost 21,100,000,000," with residential property accounting for about 55% of the total. She reported that transfers and qualifying arm's-length sales declined this year while the median sale price increased.

Bridal said residential assessed values increased about 6.7% (lower than in prior years) and that, after accounting for exemptions such as land-use deferrals and rehabilitation tax credits, taxable value increased roughly 5.2%. She reminded the council and the public that change-of-assessment postcards will be mailed Feb. 9, that an office review deadline is March 11 and the Board of Review deadline is April 11, and that the new General Assembly requirement to disclose an "effective tax rate" is printed on those postcards. "Applications to request an office review by the assessor is March 11 March 11," Bridal said. The city manager added context on the budget: "if the local grocery sales tax is repealed and the state doesn't replace it, that would be a $3,000,000 impact on the local budget, which is equivalent to a 3¢ real estate tax rate."