Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Assessment topic
No spam. Unsubscribe anytime.
Hampton assessor reports about 3.9% rise in overall assessed property value for FY27
Summary
City Assessor Libby Bridal told council the city warded assessment for FY27 shows a roughly 3.9% increase in grand total assessed value to about $23.1 billion, with residential values up about 5% and multifamily up 6.4%; appeals and review deadlines were announced.
City Assessor Libby Bridal told the Hampton City Council on Feb. 25 that the citywide reassessment for fiscal year 2027 shows an overall increase in assessed value.
"Assessments are not done specifically to generate revenue for the budget," Bridal said during her presentation, adding that the process is intended to model market value under state law. She reported a grand total assessed value of about $23.1 billion, a 3.9% increase over the prior year, with the taxable assessed value at more than $18.4 billion. Residential assessed value rose roughly 5% to about $13 billion, and multifamily assessments increased 6.4% to just over $2.5 billion.
Bridal provided additional detail on market activity and notices. She said there were 4,323 transfers and that qualifying arms-length sales produced a median sale price of about $300,247. The assessor's office will mail approximately 42,255 change-of-assessment notices out of 51,508 parcels; residents who did not receive a notice likely had no change.
The presentation included procedural timelines for appeals: the informal office review application deadline is March 30, and the board of review application and complete supporting package must be submitted by April 28. Bridal encouraged residents with questions to contact the assessor's office to speak with the appraiser responsible for their assessment.
City Manager Mary Bunting framed the reassessment as an early step in next year's budget process and highlighted upcoming resident outreach for the manager's recommended budget, including in-person and online meetings in early March.
