Most homeowners to see no change or slight increase in assessment

The City Real Estate Assessor’s Office has completed its annual reassessment for next fiscal year and the vast majority of homeowners (94%) will see either no change or a slight increase in their assessments. Eighty percent of homeowners will see no change in their assessments, and another 14% will see an increase of less than 5%. The reassessment identified a slight overall increase (1.07%) in taxable property value, compared to an increase of 1.8% a year ago, which is attributable in part to the apartment and commercial real estate sectors. Reassessment notices will be mailed by Friday, March 31 to property owners whose assessments are changing.

The real estate tax is levied on all taxable properties in the city and generates part of the total city revenue. These tax funds are used to provide all of the services the citizens of the City of Newport News enjoy such as police and fire protection, elementary and secondary education, recreation, public works, transportation, health, social services and libraries. Each parcel of real estate in the city is assessed annually and the new assessment goes into effect July 1.

The Real Estate Assessor’s Office has set aside the week of April 17 through April 21 for meetings with property owners who have questions or concerns about their assessments. The Real Estate Assessor’s Office can be reached at 757-926-1926 or restate@nnva.gov.