Hampton assessor reports modest 0.65% increase in taxable value; appeal notices to mail this week

Real estate assessor Mr. Gordon presented the preliminary land book for fiscal 2018 and said the city's taxable value rose roughly 0.65% overall. He explained the assessment-sales-ratio metric used to judge whether neighborhoods are over- or under-assessed and said the office typically works with a 12-month look-back and about 634 market sales this year to estimate values.

Gordon told council that foreclosures remain elevated relative to pre-recession levels but have declined slightly year over year. He reviewed exempt-property valuation policy (including Fort Monroe) and explained that when a formerly exempt property shifts to private use it becomes taxable. He reminded residents that assessment change notices will be mailed Friday and that the appeal period begins then and runs for 30 days.