Virginia Beach Neighborhood Assessments Ranged From -6.0% to +32.6% in FY 2027

Citywide residential assessments increased a median 5.29%; 90 neighborhoods recorded increases of at least 10%, while 28 experienced declines.

VIRGINIA BEACH, VA, UNITED STATES, November 12, 2026 /EINPresswire.com/ — Virginia Beach’s FY 2027 real estate assessment report shows substantial differences beneath the city’s 5.29% median increase. Across the city’s 658 residential neighborhoods, average assessment changes ranged from -6.0% to +32.6%, with values as of January 1, 2026. In all, 90 neighborhoods rose 10% or more and 28 saw their average assessment fall.

Among neighborhoods with at least 100 parcels, the largest increases were:
• Atlantic Shores Mid-Rise APT (District 5): +32.6%
• Princess Anne Plaza Kings Arms (District 10): +25.1%
• Bay Colony Waterfront (District 6): +20.8%
• Bray Road (District 8): +18.5%
• Grand Lake (District 4): +17.8%

The largest decreases were:
• Sanctuary False Cape (District 2): -6.0%
• Cypress Point Custom Homes (District 9): -3.7%
• Avalon Hills (District 1): -3.3%
• Oceans Condominium (District 6): -3.3%
• Oceana/Prosperity Rd Condos (District 6): -2.6%

Atlantic Shores Mid-Rise APT in District 5 was the only neighborhood with an average assessment increase above 30%. The neighborhood includes 566 parcels and had a median assessment of $141,100. Neighborhood averages reflect changes across the entire group of properties and do not necessarily represent the experience of individual homeowners. The data does not by itself explain why individual neighborhoods moved.

“The citywide median tells only part of the story,” said Liz Schuyler, Virginia Beach REALTOR^®, RE/MAX Allegiance. “Neighborhood-level changes show why homeowners shouldn’t assume their property’s value moved in line with the city average. An assessment is a January 1 valuation for tax purposes, not an indication of what a particular home would sell for today.”

To help homeowners explore the findings, Schuyler compiled the assessor’s neighborhood-level data into an interactive lookup on the Virginia Beach Guide’s Home Worth page. Visitors can search by neighborhood name or browse by district to see the reported assessment change for their area. The lookup is part of the seller guide Selling a Home in Virginia Beach, which also includes a net proceeds calculator.

All ten of the city’s assessment districts rose, from +4.71% in District 10 to +8.05% in District 5. The bands moved differently as well. About 57% of the city’s homes are assessed between $250,000 and $499,000. Among selected assessment ranges, homes assessed under $150,000 had a median increase of 2.61%, those between $250,000 and $499,999 about 5%, and homes at $750,000 or more 6.89%. Median assessments also vary by home type: $432,800 for single-family homes (99,746 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, equivalent to approximately $970 annually for every $100,000 assessed. The tax bill depends on both the assessed value and the tax rate. Properties in certain special service districts may have additional taxes, and qualifying homeowners may be eligible for city tax relief programs.

Assessments reflect property values as of January 1, 2026, while more recent sales data provides a separate snapshot of market activity. October 2026 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 two data sets cover different groups of homes, so the medians should not be divided to estimate a price.

Taken together, the FY 2027 figures show that a single citywide number can mask wide differences by neighborhood, value range and home type. Because an assessment is a January 1 snapshot and sale prices reflect current market activity, the two measure different things, and each is best read as one data point rather than a prediction of the other.

Market Data: Assessment figures from the City of Virginia Beach Real Estate Assessor, FY 2027 Annual Report and neighborhood report (values as of January 1, 2026); they measure assessed value, not sale prices. Neighborhood lists include only neighborhoods with at least 100 parcels, and neighborhood names follow the assessor’s coding. Sales figures: REIN MLS data as seen on Domus Analytics, 11/01/26, compiled by Liz Schuyler. Interpretations are solely Schuyler’s and not attributable to REIN. This release is general information, not legal, tax or financial advice.

Liz Schuyler
RE/MAX Allegiance
+1 757-235-0274
liz.schuyler@gmail.com
Visit us on social media:
Facebook
X
Other

Media gallery