Jan. 27, 2021 - The housing market in Hampton has heated up, according to figures presented to City Council on Wednesday. Overall, foreclosures have decreased dramatically, the average sales price of a home has increased, homes are spending less time on the market, and sellers are getting multiple offers, said Assessor Libby Griebel.
Almost all Hampton homeowners – 98 percent – will find their assessments are increasing this year.
"People always have mixed feelings about this," said City Manager Mary Bunting. "They are always pleased - because for most of us our home is our largest investment and you want to see that grow. However, that growth does have some impact on our tax bills."
"Still," she said, "This should make people feel good about their personal investment in the city."
Overall, the total assessed value of residential property in the city increased 6.5 percent. Growth – either new homes or renovations – accounted for about a tenth of that increase. Residential is the largest property category, accounting for just over half of the city’s land value and 68 percent of the tax base. (Nearly a quarter of the total land value in the city is exempt from taxes, such as federal and state property.)
Multifamily properties saw the biggest growth, with an 11 percent increase in value. New construction accounted for more than half of that gain. Commercial property overall saw a slight decline of 0.9 percent, largely due to the economic slowdown brought on by covid-19.
Increases in assessed home values are seen throughout the city, with the some of the larger increases occurring in waterfront areas. Some areas saw increases of more than 9 percent.
Some home value statistics:
- The median sales price of a home in Hampton in 2020 was $235,00 among the arms-length transactions the assessor considers. (That's up 7 percent over last year and up 24 percent over four years ago.) That higher price includes new and remodeled homes.
- Among all Multiple Listing Service sales, the average sales price of a Hampton home in 2020 was $214,808, and the median was $204,945, according to the Real Estate Information Network.
- The mean assessed value of homes is $180,500.
Owners of properties that changed in value will receive postcards, which are being mailed Feb. 12. Residents who have questions about their assessment can call the Citizens Contact Center at 727-8311, or 311 from a landline, to ask questions or talk to the assessor for their neighborhood. That is part of the office appeal process, which lasts until March 15. The formal Board of Review appeal goes through April 15.
This is the city’s formal valuation of property as of the end of 2020. The assessments will be used as the basis for revenue projections for the city’s fiscal 2022 budget. That begins in July, with the first tax bills due Dec. 5, 2021.