REAL ESTATE ASSESSOR S. Annual. Report

Transcription

1 REAL ESTATE ASSESSOR S Annual Report FISCAL YEAR

2 REAL ESTATE ASSESSOR (757) FAX (757) TTY: 711 MUNICIPAL CENTER BUILDING NUMBER COURTHOUSE DRIVE VIRGINIA BEACH, VA February 23, 2017 The Honorable Mayor Will Sessoms and Members of City Council Dear Mayor and Council Members: On Friday, March 3, 2017, the Assessor s Office will mail Notices of Assessment for FY All property owners will receive an assessment notice. Approximately 14% of all properties will receive a decrease, approximately 14% of all properties will remain unchanged, and approximately 72% will receive an increase. The projected FY 2018 assessment of $55,335,529,200 represents a 2.7% increase from the current assessment. Each penny of the tax rate will generate $5,534,000 in revenue for a total tax of $547,822,000 at the current rate of $0.99. The average assessment change for individual properties is approximately 2.45%; however, this figure varies citywide depending on the age, type, quality, classification, and location of the property. The average assessment change for residential property is 2.47% and for commercial/industrial property the average change is 2.16%. New construction for the past 12 months amounted to $536,348,700, which is an increase of 54% from the previous year. Residential new construction amounted to 75.6% of the total yearly construction, while commercial/industrial represented 24.4%. Change in land due to rezonings and subdivisions amounted to approximately $94,347,600. Residential, apartment, and agriculture properties comprise 83.4% of the tax base with commercial and industrial properties constituting 16.6% of the tax base. The percentage of the tax base for commercial property decreased 0.1% from the current year. I shall, of course, be available to answer any inquiries or provide further information on the new assessment. Sincerely, J. D. Banagan Real Estate Assessor

3 FY 2018 ASSESSMENTS AS OF JANUARY 2017 District Total Assessment Change* Centerville $5,204,052, % Kempsville 6,574,860, % Rose Hall 5,448,892, % Bayside 7,500,514, % Lynnhaven 12,486,055, % Beach 8,470,180, % Princess Anne 9,465,973, % Total $55,150,529, % *Change includes growth and appreciation. Assessments reflect taxable land use values as opposed to fair market values on qualifying farms. 1

4 PERCENTAGE CHANGE IN JULY 1 LAND BOOK Fiscal Year Assessment Change (Projected) 2018 Percent of Change $55,275,529,200 $1,468,983, % 2017 $53,806,545,600 $1,731,067, % 2016 $52,075,478,500 $1,543,448, % 2015 $50,532,030,500 $1,832,966, % 2014 $48,699,063,561 -$ 144,891, % 2013 $48,843,955,202 -$1,696,553, % 2012 $50,540,508,674 -$1,427,498, % 2011 $51,968,007,426 -$3,420,772, % 2010 $55,388,779,712 -$1,284,654, % 2009 $56,673,434,204 $1,741,571, % 6% 4% Percent of Change 2% 0% -2% -4% -6% -8% Fiscal Year 2

5 PROJECTED FY 2018 REAL ESTATE ASSESSMENTS FY 2018 Assessments as of January 2017 $55,150,529,200 Projected Growth thru July 1, ,000,000 Projected FY 2018 Land Book as of July 1, 2017 $55,275,529,200 Projected Partial Assessments on Quarterly New Construction + 60,000,000 Projected FY 2018 Total Assessment $55,335,529,200 PROJECTED FY 2018 REAL ESTATE TAX REVENUE For the purpose of projecting revenue, the current FY 2017 real estate tax rate of $0.99 per $100 of value has been applied to the assessments. First Half Assessment 2017 Tax Rate Dec. 5, 2017 Revenue $0.99 $273,613,870 Second Half Assessment 2017 Tax Rate June 5, 2018 Revenue $0.99 = $274,207,869 Total FY 2018 FY 2018 Real Estate Assessment 2017 Tax Rate Tax Revenue $0.99 = $547,821,739 Each $.01 of the tax rate will generate $5,533,529 or $5,534,000 3

6 AVERAGE APPRECIATION/DEPRECIATION Overall Median Change Overall Mean Change 2.18% 2.45% Residential 2.21% Residential 2.47% Apartment 0.78% Apartment 1.01% Commercial/Industrial 0.46% Commercial/Industrial 2.16% Approximately 14.4% of Parcels Decreased Approximately 28.2% of Parcels Decreased or Remained Unchanged Approximately 82.2% of Parcels Had Less Than a 5% Increase Approximately 96.4% of Parcels Had Less Than a 10% Increase 4

7 AVERAGE APPRECIATION/DEPRECIATION Fiscal Year Median Change Mean Change % 2.45% % 2.79% % 1.94% % 1.93% % -2.22% % -5.29% % -3.09% % -5.54% % -3.46% % 2.56% 4% 2% Percent of Change 0% -2% -4% -6% -8% Fiscal Year Median Mean 5

8 PERCENT CHANGE OF RESIDENTIAL PROPERTY by VALUE RANGE Value Range Median Change Mean Change Under $150, % 2.89% $150,000 - $200, % 2.36% $200,000 - $250, % 2.48% $250,000 - $350, % 2.58% $350,000 - $500, % 2.27% $500,000 - $750, % 2.13% Over $750, % 1.75% 6

9 Type AVERAGE RESIDENTIAL VALUES Number Median Assessment* Mean Assessment* Change in Mean Single Family 98,429 $267,900 $330,700 $8, % Townhouse 19,695 $140,800 $152,000 $4, % Low Rise Condominium High Rise Condo/Co-op 20,686 $195,900 $230,000 $3, % 2,842 $270,600 $290,300 -$9, % Duplex/Home with Apartments 1,335 $316,600 $444,400 -$3, % All Residences 142,987 $236,900 $291,700 $6, % *Rounded to nearest $100 In addition to residences, there are 35,234 apartment units in multi-family complexes. DISPERSION BY HOUSING TYPE Low Rise Condo 14% High Rise Condo 2% Duplex 1% Townhouse 14% Single Family 69% 7

10 AVERAGE ASSESSMENT BY HOUSING TYPE $450,000 $400,000 Assessed Value $350,000 $300,000 $250,000 $200,000 $150,000 $100, Fiscal Year Hi Rise Condo Single Family Low Rise Condo Townhouse $340,000 $325,000 AVERAGE HOME ASSESSMENT All Residential Properties Assessed Value $310,000 $295,000 $280,000 $265,000 $250, Fiscal Year 8

11 PERCENTAGE OF HOUSING BY VALUE RANGE 15% Assessed Less Than $150,000 35% Assessed Less Than $200,000 55% Assessed Less Than $250,000 78% Assessed Less Than $350,000 90% Assessed Less Than $500,000 97% Assessed Less Than $750,000 99% Assessed Less Than $1,000,000 There are 2,148 homes assessed over $1,000,000. $500,000 to $750,000 7% $750,000 to $1,000,000 2% Over $1,000,000 1% Less than $150,000 15% $350,000 to $500,000 12% $150,000 to $200,000 20% $250,000 to $350,000 23% $200,000 to $250,000 20% 9

12 RESIDENCES BY YEAR BUILT Year Built Number Mean Assessment* Prior to ,332 $467, to ,773 $272, to ,534 $276, to ,830 $268, to ,973 $240, to ,217 $348, to ,924 $389, to Present 4,404 $454,000 *Rounded to nearest $100 PERCENTAGE BY YEAR BUILT 1990's 12% 2000's 10% 2010's 3% Prior to % 1950's 7% 1960's 14% 1970's 19% 1980's 33% 10

13 FY 2018 ASSESSMENTS BY PROPERTY CLASSIFICATION Classification Parcels Assessment Percent of Total General Commercial 3,693 $5,549,814, % Hotel 1,074 1,093,468, % Office 1,059 1,582,176, % Industrial 1, ,176, % Apartment 926 3,711,111, % Residential 105,499 33,575,485, % Townhouses 19,695 2,993,085, % Condominiums 23,528 5,598,010, % Agriculture ,200, % Total 157,257 $55,150,529, % *Parcels reflect number of tax records as opposed to number of lots or buildings. Agriculture reflects state required coding of farms of 20 acres and over (Agriculture or Residential zoning). Residential includes vacant lots and farms of less than 20 acres (Residential or Agriculture zoning). Commercially zoned farm land of any size is included in General Commercial. Assessments are based upon taxable land use values as opposed to fair market value for all qualifying farms. 11

14 ASSESSMENT COMPARISON BY CLASSIFICATION Classification 2018 Assessment General Commercial 10.1% Hotel 2.0% Office 2.9% 16.6% Industrial 1.6% Apartment 6.7% Residential 60.9% Townhouse 5.4% 83.4% Condominiums 10.1% Agriculture 0.3% 2017 Commercial 16.7% Residential 83.3% 2016 Commercial 16.9% Residential 83.1% 2015 Commercial 16.8% Residential 83.2% 2014 Commercial 16.6% Residential 83.4% 2013 Commercial 16.4% Residential 83.6% 2012 Commercial 15.7% Residential 84.3% 2011 Commercial 15.4% Residential 84.6% 2010 Commercial 15.0% Residential 85.0% 2009 Commercial 13.7% Residential 86.3% 12

15 CHANGE IN PROPERTY VALUE BY CLASSIFICATION (January 2016 to January 2017) Classification FY 2018 Assessment Change* General Commercial $5,549,814,500 $146,671, % Hotel 1,093,468,300 44,960, % Office 1,582,176,300-4,716, % Industrial 874,176,800 25,425, % Apartment 3,711,111, ,164, % Residential 33,575,485, ,182, % Townhouses 2,993,085,500 90,454, % Condominiums 5,598,010, ,488, % Agriculture 173,200,800-3,885, % Total $55,150,529,200 $1,605,746, % *Reflects growth and appreciation. 13

16 NEW CONSTRUCTION* (January 2016 thru December 2016) Commercial 36 General Commercial $103,285,100 4 Office 9,745,900 3 Industrial 7,592, Commercial/Industrial Additions 10,643,300 Total Commercial New Construction $131,266, % Residential 367 Single Family $151,963, Townhouses 5,361, Duplexes 7,073, Condominium Units 62,614, Apartments 145,563,400 1,088 Residential Additions 32,505,400 Total Residential New Construction $405,082, % Total New Construction $536,348, % *Buildings/structures only (excludes land). 14

17 ANNUAL NEW CONSTRUCTION 2016 $536,348, $348,247, $439,851, $336,129, $338,677, $225,704, $302,865, $366,831, $653,804, $732,890,197 *Buildings/structures only (excludes land). $800 Assessed Value (in Millions) $700 $600 $500 $400 $300 $200 $ Calendar Year 15

18 VALUE OF YEARLY NEW CONSTRUCTION* (In Millions of Dollars) Year Total Commercial Residential 2016 $536.3 $131.1 (24.4%) $405.2 (75.6%) 2015 $348.2 $ 82.8 (23.8%) $265.4 (76.2%) 2014 $439.9 $135.3 (30.7%) $304.6 (69.3%) 2013 $336.1 $ 85.2 (25.4%) $250.9 (74.6%) 2012 $338.6 $111.0 (32.8%) $227.6 (67.2%) 2011 $225.7 $ 48.8 (21.6%) $176.9 (78.4%) 2010 $302.8 $ 68.8 (22.7%) $234.0 (77.3%) 2009 $366.8 $ 93.8 (25.6%) $273.0 (74.4%) 2008 $653.8 $220.8 (33.8%) $433.0 (66.2%) 2007 $732.8 $193.4 (26.4%) $539.4 (73.6%) *Buildings/structures only (excludes land). $800 Assessed Value (in Millions) $700 $600 $500 $400 $300 $200 $100 $ Calendar Year Commercial Residential 16

19 NUMBER OF NEW HOUSING UNITS BUILT 1,700 1,500 Housing Units 1,300 1, Calendar Year Year Homes Duplex Units Apartment Units Total Housing Units , , , , , , , , , ,439 17

20 AVERAGE ASSESSMENT ON A NEW HOME $600,000 $550,000 Assessed Value $500,000 $450,000 $400,000 $350, Calendar Year Year Median Mean 2016 $371,400 $468, $390,600 $468, $394,300 $465, $358,500 $405, $346,000 $436, $360,600 $422, $347,600 $462, $331,700 $419, $335,700 $465, $378,300 $550,700 *Rounded to nearest $100 18

21 NEW HOME CONSTRUCTION BY VALUE RANGE $500,000 to $750, % Over $750, % Under $200, % $200,000 to $250, % $350,000 to $500, % $250,000 to $350, % PERCENTAGE BY PROPERTY VALUE RANGE Residential Value Range Percentage of New Homes Under $200, % $200,000 to $250, % $250,000 to $350, % $350,000 to $500, % $500,000 to $750, % Over $750, % 40.2% below $350, % above $350,000 19

22 CHANGE IN LAND (Re-zonings and Subdivision of Property) 2016 $ 94,347, $123,760, $164,311, $171,428, $153,400, $131,612, $ 42,585, $214,913, $247,025, $238,947,735 Yearly estimates projected based upon six months of actual data. $300 Assessed Value (in Millions) $250 $200 $150 $100 $50 $ Calendar Year 20

23 GROWTH AND APPRECIATION/DEPRECIATION (July 1 Land Book to July 1 Land Book) Fiscal Year 2018 Growth (Projected) $476,512, % Appreciation 992,471, % Assessment Change $1,468,983, % Fiscal Year Growth Appreciation/ Depreciation Assessment Change % 2.4% 3.3% % 2.1% 3.0% % 3.0% 3.8% % -1.4% -0.3% % -4.0% -3.4% % -3.5% -2.8% % -6.8% -6.2% % -3.3% -2.3% % 1.4% 3.2% % 17.5% 19.2% % 19.7% 21.7% 21

24 GROWTH AND APPRECIATION/DEPRECIATION 4% Percent of Change 2% 0% -2% -4% -6% -8% Fiscal Year Growth Appreciation/Depreciation Fiscal Year 2018 (Projected) Growth 0.9% Appreciation 1.8% Assessment Change 2.7% 6% Change in Assessment 4% Percent of Change 2% 0% -2% -4% -6% -8% Fiscal Year 22

25 TAX INCREMENT FINANCING & SPECIAL SERVICE DISTRICTS Sandbridge District TIF & SSD Base Year FY 1998 $206.1 Million Preliminary FY 2018 $ 1.2 Billion Central Business District South TIF* Base Year FY 1999 $151.8 Million Preliminary FY 2018 $859.0 Million SSD First Year FY 2003 $ 18.5 Million Preliminary FY 2018 $441.1 Million FY 2018 as of January 2017 *CBD South TIF includes the SSD NEIGHBORHOOD DREDGING SSD District Old Donation Creek Bayville Creek Shadow Lawn Chesopeian Colony Harbour Point Gills Cove Hurds Cove FY 2018 Preliminary $38.3 Million $15.4 Million $17.7 Million $69.7 Million $22.3 Million $21.4 Million $51.2 Million 23

26 VIRGINIA LANDMARKS REGISTER Partial Real Estate Tax Reduction FY 2017 Tax Reduction $45,304 Hermitage House Keeling House Miller-Masury House/Greystone Manor Pembroke Manor Shirley Hall Thomas Murray House Weblin House Woodhouse House Briarwood Green Hill House Cavalier Hotel *Based upon $0.52 tax rate on historical buildings. VIRGINIA BEACH HISTORIC REHABILITATION Partial Real Estate Tax Reduction FY 2017 Tax Reduction $7, Calverton Lane 501 Virginia Beach Boulevard 24

27 REAL ESTATE TAX EXEMPTION/DEFERRAL/FREEZE FOR SENIOR CITIZENS AND DISABLED PERSONS Fiscal Year 2017 Number of Recipients Tax Reduction 6,323 $10,293,320 REAL ESTATE TAX EXEMPTION FOR 100% DISABLED VETERANS and SPOUSES OF MEMBERS OF THE ARMED FORCES KILLED IN ACTION Fiscal Year 2017 Program Recipients Tax Reduction 1,262 $3,578,442 ENERGY EFFICIENT BUILDINGS Partial Real Estate Tax Reduction FY 2017 Program Recipients Tax Reduction Residential Properties 56 $ 52,376 Commercial Properties ,154 Total 71 $202,530 *Based upon $0.84 tax rate for qualified buildings. 25

28 LAND USE TAXATION FISCAL YEAR 2017 Number of Parcels Under Program 924 Number of Acres Under Program 33,061 Number of Acres of Land in the City 158,720 Percentage of City s Acreage Under Land Use 21% Number of Acres in: Agriculture 17,863 Forest 9,381 Open Space 2,223 Swamp 2,268 Marsh 1,326 Total 33,061 Deferred Value $281,504,900 Deferred Tax $2,786,899 26

29 LAND USE TAXATION Fiscal Year Acreage Under Land Use Program Acreage Rolled Back Roll Back Taxes , , $ 100, , $ 145, , $ 268, , $ 358, , $ 52, , $ 54, , $ 154, , $ 547, , $ 1,297,819 LAND USE VALUES Fiscal Year Agriculture* Forest* 2018 $1,800 $ $1,800 $ $2,120 $ $1,630 $ $1,190 $ $ 850 $ $ 480 $ $ 470 $ $ 350 $ $ 300 $ $ 320 $470 *Based upon per acre Class III agriculture and good forest. 27

30 TAX EXEMPT PROPERTY Federal Government 178 Parcels $5,598,704,600 State Government 189 Parcels 206,491,900 Local Government 2,296 Parcels 3,540,581,300 Regional Government 119 Parcels 124,556,200 Cemeteries & Graves 90 Parcels 2,834,600 Religious 363 Parcels 655,539,717 Educational 31 Parcels 427,261,683 Fire & Rescue Squads 8 Parcels 9,332,500 Benevolent 17 Parcels 11,993,200 Charitable 503 Parcels 536,677,100 Totals 3,794 Parcels $11,113,972,800 28

31 Cemeteries and Graves Section A (3), B $ 2,834,600 Religious Section A(2), B Churches $ 603,626,717 Parsonages $ 13,490,700 Armed Services of YMCA $ 796,400 Salvation Army $ 9,750,100 Union Mission, Inc. $ 4,763,300 YMCA of Tidewater, Inc. $ 22,906,500 Franciscan Sisters of St. Joseph $ 206,000 Educational Section A(4), B Association for Research & Enlightment $ 13,004,600 Cape Henry Collegiate School $ 20,620,000 Catholic High School $ 16,434,400 Friends School $ 8,578,700 Gateway Christian School $ 5,746,683 Old Dominion University, Real Estate Foundation $ 22,276,300 Regent University $ 136,721,700 State Board for Community Colleges $ 107,973,400 THSB, LLC $ 144,500 UJFT Community Campus LLC $ 19,975,800 Virginia Wesleyan College $ 75,785,600 Fire and Rescue Squads Section Chesapeake Beach Volunteer Fire $ 1,217,300 Ocean Park Volunteer Fire $ 1,182,800 Princess Anne Courthouse Volunteer Fire $ 337,900 Virginia Beach Rescue Squad, Inc. $ 6,594,500 29

32 Benevolent Section A(7), B 3607A(1), Columbian Club of Virginia Beach $ 629,500 Disabled Veterans of Virginia Beach, Chapter No. 20, Inc. $ 793,400 Elks Lodge $ 188,000 Fraternal Order of Eagles $ 945,400 Masonic Lodges $ 5,905,900 Moose Lodge $ 2,307,600 O.S.I.A. of Tidewater, Inc. (Roma Lodge) $ 612,000 General MacArthur Memorial Post $ 611,400 Charitable Section A(5), A(7), A(8), B, 3607(A)1, 3608, 3611, 3613, 3614, 3618, Association for Preservation of Va. Antiquities (Lynnhaven & Wishart Houses and Cape Henry Lighthouse) $ 161,500 Boys Club of Norfolk $ 3,582,500 Children s Hospital of the Kings Daughters, Inc. $ 37,345,600 Little Theater of Virginia Beach $ 990,800 Planned Parenthood of Southeastern Virginia $ 3,403,400 Princess Anne County Historical Society (Wolfsnare Plantation) $ 594,000 Sentara Princess Anne Hospital $ 147,662,300 Sentara Virginia Beach General Hospital $ 139,470,300 Tidewater Council of Boy Scouts, etc. $ 1,085,500 Virginia Beach SPCA $ 1,726,800 30

33 EXEMPTED BY THE GENERAL ASSEMBLY WITH COUNCIL ENDORSEMENT Al Anon Family Group Headquarters, Inc. $ 2,856,600 Baycliff Civic League, Inc. $ 602,600 Beach Health Clinic, Inc. $ 1,099,800 Beth Sholom Home of Eastern Virginia $ 6,153,300 Beth Sholom Terrace $ 13,624,200 Birdneck Point Community League $ 177,200 Biznet, Inc. $ 1,703,800 Blackwater Creeds Foundation $ 1,063,500 Branch 99 Fleet Reserve Associates, Inc. $ 537,100 CAMG-A, Inc. $ 116,200 CAMG-AA,Inc. $ 234,600 CAMG-B, Inc. $ 153,000 CAMG-C, Inc. $ 142,700 CAMG-D, Inc. $ 116,400 CAMG-E, Inc. $ 208,300 CAMG-F, Inc. $ 200,100 CAMG-H, Inc. $ 150,500 CAMG-J, Inc. $ 189,900 CAMG-O, Inc. $ 206,400 Carolanne Farm Swim Club, Inc. $ 491,100 Chesapeake Bay Foundation, Inc. $ 2,114,000 Chinese Community Associates of Hampton Roads, etc. $ 1,225,200 Club Brittany, Inc. $ 1,115,000 Community Alternatives Management Group $ 8,731,600 Cornerstone Property Ventures LLC (VBCDC) $ 4,896,500 Council of United Filipino Organizations $ 2,578,600 Diamond Springs Civic League, Inc. $ 194,000 Habitat for Humanity of South Hampton Roads, Inc. $ 87,000 Holland Meadows Swim & Racquet Club, Ltd. $ 287,200 Housing Hampton Roads, Inc. (affiliate of Habitat for Humanity of South Hampton Roads) $ 169,800 Judeo Christian Outreach Center, Inc. $ 1,653,300 Kings Grant Community League, Inc. $ 740,300 Larkspur Civic League, Ltd. $ 760,700 Little Neck Swim & Racquet Club, Inc. $ 2,662,500 Marian Manor, Inc. $ 7,174,600 31

34 Nature Conservancy $ 1,908,400 North Alanton Civic League, Inc. $ 2,410,300 Our Lady of Perpetual Help $ 10,596,100 Outreach for Christ, Inc. $ 336,700 Pembroke Manor Recreation, Inc. $ 182,800 Pembroke Meadows Civic League, Inc. $ 973,200 Pine Ridge Civic League, Ltd. $ 62,600 Russell House, Inc. $ 8,326,900 Salem Woods Civic Association, Inc. $ 103,900 Samaritan House, Inc. $ 2,466,600 Southeastern Virginia Housing Corporation $ 1,072,000 Sugar Plum, Inc. $ 1,263,000 Sullivan House $ 14,849,800 Vetshouse, Inc. $ 493,100 Virginia Beach Christian Outreach Group $ 825,100 Virginia Beach Community Trust $ 245,600 Virginia Beach Community Development Corp. $ 36,571,200 Virginia Beach Ecumenical Housing $ 170,200 Zion Place, Inc. $ 6,624,500 32

35 EXEMPTED BY CITY COUNCIL American Cancer Society, Mid etc. $ 2,620,100 Aragona-Pembroke Little League, Inc. $ 518,000 Disabled American Veterans Department of Virginia, Inc. $ 5,534,400 Equi-Kids Therapeutic Riding Programs $ 2,031,500 Fraternal Order of Police Virginia Beach $ 1,609,600 Goodwill Industries of Central Virginia $ 467,400 Hampton Roads Youth Hockey Assoc. $ 1,609,300 Heart Havens, Inc. $ 265,800 Kim s Microboard, Inc. $ 216,200 Love & Caring for Homeless, Ltd. $ 267,600 Mercy Medical Airlift $ 622,300 Onesimus Ministries of Norfolk, Inc. $ 252,700 OS HC, LLC (Operation Smile Headquarters) $ 13,140,400 St. Gregory The Great Catholic Church $ 3,461,900 United Cerebral Palsy of S & C Va. $ 440,700 Vanguard Landing, Inc. $ 1,997,100 Virginia Baptist Children s Home & Family Services $ 581,000 Virginia Beach Airport, LLC $ 10,265,600 Virginia Beach Events Unlimited $ 853,200 33