Virginia Beach assessments vary sharply across neighborhoods in FY 2027

Virginia Beach’s FY 2027 residential assessments rose a median 5.29%, but neighborhood results ranged from a 6.0% decline to a 32.6% increase. The spread matters for homeowners because tax bills are based on assessed value, not the citywide median, and the changes were uneven by district, value band and home type.

Why it matters: - Virginia Beach homeowners will not all see the same tax impact from the city’s FY 2027 reassessment. - The citywide median increase of 5.29% hides large neighborhood swings that range from small declines to gains above 30%. - Assessment changes affect tax bills because the city’s tax rate is applied to assessed value.

What happened: - Virginia Beach’s FY 2027 real estate assessment report shows residential neighborhood averages ranging from -6.0% to +32.6%, using values as of January 1, 2026. - Across 658 residential neighborhoods, 90 recorded average increases of at least 10%, and 28 experienced declines. - All 10 assessment districts rose, with gains ranging from +4.71% in District 10 to +8.05% in District 5.

The details: - Among neighborhoods with at least 100 parcels, Atlantic Shores Mid-Rise APT in District 5 posted the largest increase at +32.6%. - Other top gains were Princess Anne Plaza Kings Arms in District 10 at +25.1%, Bay Colony Waterfront in District 6 at +20.8%, Bray Road in District 8 at +18.5% and Grand Lake in District 4 at +17.8%. - The steepest declines were Sanctuary False Cape in District 2 at -6.0%, Cypress Point Custom Homes in District 9 at -3.7%, Avalon Hills in District 1 at -3.3%, Oceans Condominium in District 6 at -3.3% and Oceana/Prosperity Rd Condos in District 6 at -2.6%. - Atlantic Shores Mid-Rise APT was the only neighborhood with an average increase above 30% and includes 566 parcels. - The neighborhood’s median assessment was $141,100. - Neighborhood averages reflect changes across a group of properties and do not necessarily match the experience of individual homeowners. - The data does not by itself explain why individual neighborhoods moved. - About 57% of the city’s homes are assessed between $250,000 and $499,000. - Homes assessed under $150,000 had a median increase of 2.61%. - Homes assessed between $250,000 and $499,999 had a median increase of about 5%. - Homes assessed at $750,000 or more had a median increase of 6.89%. - Median assessments by home type were $432,800 for single-family homes, $251,900 for townhouses, $323,900 for low-rise condos, $446,300 for high-rise condos and co-ops, and $579,200 for duplexes and homes with accessory units. - Virginia Beach’s general real estate tax rate is $0.97 per $100 of assessed value, or about $970 annually for every $100,000 assessed. - Some special service districts may add taxes, and qualifying homeowners may be eligible for city tax relief programs.

Between the lines: - The citywide median tells only part of the story, because neighborhood-level reassessments can diverge sharply from the overall average. - Liz Schuyler, a Virginia Beach REALTOR® with RE/MAX Allegiance, said an assessment is a January 1 valuation for tax purposes, not a prediction of what a home would sell for today. - Schuyler also compiled the assessor’s neighborhood data into an interactive lookup on the Virginia Beach Guide’s Home Worth page so homeowners can search by neighborhood or district. - The lookup is part of the seller guide Selling a Home in Virginia Beach, which also includes a net proceeds calculator. - October 2026 sales data for Virginia Beach detached homes, excluding waterfront and new construction, showed a median sale price of $470,000, a median of 32 days on market, homes selling for 96.9% of original list price and 1.2 months of supply. - The sales figures and assessment figures cover different groups of homes, so the medians should not be divided to estimate a price.

What’s next: - Homeowners can use the neighborhood lookup to check how their area compared with the citywide median. - Future tax bills will depend on each property’s assessed value, the tax rate and whether the property is in a special service district. - The reassessment data should be read as one snapshot of value, while sales data provides a separate view of current market activity.

The bottom line: - Virginia Beach’s reassessment produced broad citywide gains, but the neighborhood spread was wide enough that many owners will see outcomes far above or below the median.