Frequently Asked Questions
Q: If a home recently sold for $95,000, is that the fair market value?
A: Not necessarily. One sale does not constitute market value. Sales of similar properties must also be reviewed and analyzed to determine if a single sale is an accurate estimate of fair market value.
Q: Do all appraisers in the Office of the Assessor of Real Estate use the same method in appraising my home?
A: YES. The appraisal staff of the Office of the Assessor of Real Estate utilizes the Proval® CAMA (Computer Assisted Mass Appraisal) system to assess all real estate in the City of Hampton.
Q: Do all houses the same age get the same amount of depreciation?
A: NO. Depreciation adjustments may vary based on the grade and condition. Homes that have been allowed to deteriorate would be depreciated more than well-maintained homes.
Q: Do all areas of the City increase by the same amount?
A: NO. Properties are analyzed and assessed by assessment neighborhoods.
Q: I did not renovate or make an addition to my property, so why did the value increase?
A: Property can appreciate in value if the market desirability increases, even without physical improvements.
Q: At what percent of market value do you appraise property?
A: The Office of the Assessor of Real Estate is required by the Code of Virginia and the City of Hampton Municipal Code to assess all real estate at 100% fair market value.
Q: Are real estate reassessments just another method for the City of Hampton to raise taxes?
A: NO. The Code of Virginia requires all jurisdictions to assess real estate at 100% fair market value and the Hampton Municipal Code requires annual assessments.
Q: How do other Hampton Roads cities conduct their real estate assessments?
A: All cities in Hampton Roads annually reassess at 100% fair market value, except Poquoson, which reassesses biennially.
Q: Is there a formula that is used to compute my real estate obligation?
A: The tax rate as of July 1, 2009 is $1.04 per $100 of assessed value. To determine the annual tax, multiply your real estate assessment by .0104. Certain districts, designated "Special Tax Districts" have an additional levy added to the base tax rate of $1.04 per $100 of assessed value.
Q: When Are Taxes Due And To Whom Do I Pay Them?
A: The fiscal year (July 1st to June 30th) real estate tax is billed in two parts by the City Treasurer's Office. The first half payment is due December 5th and the second half payment is due June 5th. With many homeowners, real estate taxes are paid by their mortgage company from funds in the owner's escrow account. For those property owners that do not have a mortgage company, the tax payment would be sent directly to the Treasurer.
Q: The Internet record shows incorrect data for my property. What should I do to correct this?
A: The Office of the Assessor of Real Estate strives to maintain accurate real estate records. Please notify us immediately should you identify or suspect an error in your property information.
Q: Must the property owner allow an interior inspection of his or her property when contesting an assessment?
A: NO. Interior and exterior inspections allow the real estate appraiser to make a thorough and complete review of your property. The appraiser cannot address conditions and features of the property of which they are unaware.
Q: The assessed value of my property has decreased and I'm concerned with this decline. I feel my property is worth more. What does this mean for the future?
A: Your assessment changes to reflect changes in the market since the last revaluation. A decline may be a one year occurrence, or it could be part of a trend. The values in assessment neighborhoods may increase, decrease or remain the same from one year to the next. Buyers and sellers create the market, and it is the responsibility of the Office of the Assessor of Real Estate to reflect the market.