Let's Talk Taxes-Hampton Roads Property Tax Assessments ~ Hampton Roads Real Estate Ramblings

Let's Talk Taxes-Hampton Roads Property Tax Assessments

Wednesday, April 9, 2008

Hello Hampton Roads,
Here is the information for 2008 Property Tax Assessments for our area:
Norfolk: Residential assessments increase 3.1% and commercial assessments increase 11.66%. The tax rate remains unchanged at $1.11/$100.
Virginia Beach: Residential assessments on the average home increase 3.1% to a value of $327,200.00 while commercial assessments increase 2.6%. The general tax rate is $0.89/$100.
Chesapeake: Residential assessments increase .7% and 5.10% for commercial properties. The current tax rate is $1.06/$100.
Portsmouth: Residential assessments increase 5% and 12.00% for commercial properties. There is a proposal to reduce the current tax rate by $0.05 from $1.26/$100 to $1.21/$100. Even with the reduction, citizens will still pay more tax.
Newport News: Residential assessments increase 5.5% and 8.84% for commercial properties. The current tax rate is $1.10/$100.00.
Hampton: Residential assessments increase 3.97%. No information is given regarding commercial assessments. The tax rate for 2008 is $1.06/$100 which was reduced from $1.14/$100.
Taxpayers, wishing to appeal their assessments, take note:

Virginia State code says persons "aggrieved by any such assessment, may, within three years from the last day of the tax year for which such assessment is made, or within one year from the date of the assessment, whichever is later, apply to the commissioner of the revenue or such other official who made the assessment for a correction thereof."
So what this means, is that you actually have more time given to you for an appeal should you miss the informal hearings or review dates specified by your particular city.


___________________
For your real estate needs, visit my website at http://www.hamptonroadsrealestate.us