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Real estate and used-car value swings drive most of Hampton's FY23 revenue gains
Summary
Staff told council that assessment growth—apartments up ~26%, residential up ~16%—is expected to raise real estate revenues $14.9M; personal property gains tied to used-car price spikes led the city to apply a 75% assessment ratio for qualifying vehicles to provide relief.
Finance Director Carl Daughtry told council real estate assessments rose markedly and that the FY23 projection uses a tax rate of $1.18 per $100 of assessed value. "This revenue projection is based on a tax rate of a dollar and 18 per 100 of assessed value," Daughtry said, adding that assessed values increased about 16% overall with apartments up 26% and residential 16%.
On personal property, Daughtry said the used-car market drove big nominal increases: "When you look at the consumer price index, from December 2020 to December 2021, there's been an increase of 37% in used car prices." He said the commission of revenue recommended applying a 75% assessment ratio to qualifying vehicles to provide roughly 25% relief, and staff projected property-tax receipts of $48.6 million for FY23.
