I was already aware of Virginia Beach properties being higher than those in Norfolk or Chesapeake, Virginia and comparable in high cost to the Washington D.C. area. However, other people looking at this post may find this helpful.
Virginia Beach property values projected to increase
The Virginian-Pilot
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VIRGINIA BEACH
The city's property values are expected to be up nearly 3 percent this year, the second straight year of increases, according to the annual report by the real estate assessor.
The value of homes is projected to rise an average of 1.8 percent for the 2016 fiscal year that starts July 1, according to the report. Commercial properties are expected to go up by 3.9 percent.
Prior to last year, property values had declined every year since 2009.
Individual assessments can vary widely by neighborhood, with assessments in some expected to decline by as much as 33 percent - for the South Virginia Beach/Coastal Walk neighborhood - and some expected to increase by as much as 29 percent - for the Pepper Tree condominiums, according to data provided by Real Estate Assessor Jerald Banagan.
About two-thirds of property owners will likely see their real estate tax bill go up, while the rest will stay the same or pay less, the report says.
Assessments are largely determined by sale prices of similar properties in similar areas, Banagan said.
For more details, visit the real estate assessor's website.
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