Home values in Hampton up 6.7% in 2023, lower than 10.3% jump in 2022
HAMPTON, Va. (WAVY) — Home values rose again in 2023 in Hampton, up 6.7% overall, though the increase wasn’t as sharp as the 10.3% jump in 2022.
Interim City Assessor Libby Griebel shared the numbers with Hampton City Council last week, adding that 90.2% of residential properties in the city saw increases, with 7.6% staying at the same value.
The majority of homes saw an increase of 10% or less, with apartments and other multifamily properties only up about 0.8%. That’s much lower than recent years, the city says.
“We saw a reduction in the number of home sales because of lower inventory,” Griebel said. “But the sales prices increased, with the median sales price going up more than $13,000 over last year.”
That increase in home values can mean a higher real estate tax bill. The city in recent years has dropped their tax rate to help citizens with that bump, and approved an 8-cent decrease last year to $1.16 per $100 of assessed property. City Manager Mary Bunting said they’ll look again at lowering the rate.
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“It’s too early in the budget process to know if we will be able to lower the tax rate or not. We will look at that as we get more information further along in the General Assembly’s process. We will be having budget discussions at each meeting until the final budget is adopted.”
Overall the value all properties in the city was $21.09 billion, though about 22% of city properties such as Hampton University are tax-exempt.
The city says citizens will be notified via mail (they’ll also be available online) on Feb. 9 if their property changed in value. Those with questions and who’d like to appeal their assessment can call the Citizens Contact Center at 727-8311, or 311 from a landline, or send an email to AssessorsWebmail@hampton.gov. The appeals process runs through April 11.
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