Frequently Asked Questions
Q: If a home recently sold for $95,000, is that it's market value?
A: Not necessarily. Cost is not always a precise measure of value and one sale does not constitute market value. Sales of similar properties must be reviewed and analyzed to determine market value.
Q: Do all appraisers use the same method in appraising my home?
A: YES. The Assessor's Office staff has been instructed in the use of a CAMA (Computer Assisted Mass Appraisal) system designed for real estate in the City of Hampton.
Q: If I purchased my home 30 years ago, how can you possibly tell me what it would sell for today?
A: Value can be established for all properties, regardless of age, within acceptable limits of accuracy by utilizing the three approaches to value: market, cost and income.
Q: Do all houses the same age get the same amount of depreciation?
A: NO. The depreciation adjustment varies greatly and must be estimated carefully. Homes that have been allowed to deteriorate would be depreciated more than homes well maintained.
Q: Do all areas of the City increase by the same amount?
A: NO. All properties are treated individually.
Q: I did not add anything to my property so why did the value increase?
A: Generally speaking, the appreciation in today's market has offset any normal depreciation.
Q: At what percent of market value do you appraise property?
A: We are required by State and City Laws to appraise property at 100% of market value.
Q: Aren't real estate reassessments another method for the City to raise taxes?
A: NO. State statutes require all jurisdictions to assess real estate at market value. The City Code requires annual assessments.
Q: How do other Hampton Roads cities conduct their real estate assessments?
A: All Cities in Hampton Roads reassess at market value annually 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, 2004 is $1.25 per $100 in value. To determine the annual tax, multiply your real estate assessment by .0125. Certain districts, designated "Special Tax Districts" have an additional levy added to the base tax rate.
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 Office of the City Treasurer. 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 to the Treasurer directly by them.
Q: The Internet record shows incorrect data for my property. What should I do to correct this?
A: The City of Hampton Assessor's Office strives to maintain accurate real estate records. Please notify us immediately should you note an error in your property record by contacting the City Assessor's Office.
Q: Must the property owner allow an interior inspection of his or her property when contesting an assessment?
A: NO. However, City appraisers cannot address conditions of which they are not aware. An exterior inspection will provide some information about the property, but it will certainly fall short of a complete review. And, the outcome of the contested assessment may be affected by a lack of information.
Q: The assessed value of my property has decreased and I'm concerned with this decline in market value. 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 does not necessarily mean your property or neighborhood will continue to decline. In comparing changes from previous years, we see many areas stabilizing or rebounding in value. Properties change, markets change. Buyers and sellers create the market, the assessor's job is to reflect those markets in the assessments.