If you own a home in Virginia Beach — or you're thinking about buying one — pay attention. The city assessor has confirmed that property values are rising again, with most homeowners seeing increases of more than 5% heading into fiscal year 2027. The projected total real estate assessment for Virginia Beach has grown 6% to $92 billion. At the current tax rate of 97 cents per $100 of assessed value, that growth translates directly to higher tax bills for most property owners.
Why Are Values Still Rising?
Hampton Roads continues to benefit from strong demand drivers that other markets simply don't have. A stable military presence, steady job growth, and limited housing inventory keep competition high and values moving upward. Virginia Beach in particular remains one of the most desirable places to live in the region, and that demand isn't cooling off in any meaningful way. Even as mortgage rates have pressured affordability nationally, local values have held firm.
What Happens to Your Tax Bill
A rising assessment doesn't automatically mean your tax rate goes up, but it does mean you're paying taxes on a higher value. With the current rate at 97 cents per $100, a home assessed at $400,000 carries a tax bill of $3,880 per year. If that same home's assessment rises 5%, you're now looking at $4,074 — an increase of nearly $200 annually. That's worth factoring into your budget, especially if you're a first-time buyer calculating total monthly costs.
What This Means For You
• **Homeowners** are building equity faster than many expected. Your home is likely worth meaningfully more than it was 12 months ago.
• **Sellers** have real pricing power right now. A current comparative market analysis from a local agent will help you capture that value accurately.
• **Buyers** should factor rising assessments into long-term affordability planning, including future tax increases.
• **Investors** in Hampton Roads should see continued appreciation as a positive signal for both rental income and long-term asset value.
Rising assessments are good news if you own property, but they also require smart planning. Whether you're thinking about selling, refinancing, or buying your first home in Virginia Beach, Chesapeake, Norfolk, or anywhere in Hampton Roads, understanding your local market is the first step. Our team at Legacy Home Search is here to help you make sense of the numbers and make confident decisions.