PORTSMOUTH
Homeowners can expect to see about a 5 percent increase in their property values when they receive their assessment notices this month.
City assessor Alethia Bryce said that despite a slowdown in the real estate market, she's seen no sign of a sales slump, particularly in commercial real estate, where values rose 12 percent.
"The market in Portsmouth is not bad," Bryce said, adding that very few houses sold below their assessments. "We still see a lot of value growth in some neighborhoods, and we didn't have the assessments at a level that was capturing that value."
What kind of increase property owners will see depends largely on where they live. Neighborhoods such as Port Norfolk, Park View and Simonsdale had large
increases on average. Glensheallah, Sterling Cove, the Estates at River Point and Westbury saw little to no increases, Bryce said. The new assessments will go into effect July 1.
Portsmouth bases its assessments largely on the previous year's property sales, giving weight to the most recent transactions.
The city's average 5 percent increase stands in sharp contrast to Chesapeake, where residential assessments rose less than 1 percent this year. Virginia Beach and Norfolk don't have exact figures yet, but projections are for increases from 3 to 6 percent.
Overall, Portsmouth saw its total assessed value rise to $7.4 billion from $6.7 billion. That came mostly on the back of a record year for construction, including the opening of the new APM Terminal, Bryce said.
But the increases won't come as good news to homeowners who have faced double-digit assessment increases in recent years. Last year, the City Council instituted a three-year plan to decrease the real estate tax rate 16 cents. A 10-cent cut was made in the first year, to $1.26 per $100 of assessed value.
In a budget meeting Monday, Bruce LaLonde, chairman of the resident-led Municipal Finance Commission, echoed homeowners who want a lower tax rate.
"We're asking you to hold the line on spending this year," LaLonde told City Council members. "You made this promise. You have to follow through this year." Councilwoman Elizabeth Psimas said she considered funding public safety and lowering the rate as the top two issues in the budget.
"I think we almost have to, if there's any way possible," Psimas said. "That's what most of us truly are striving for. It's an economic necessity, and it's certainly a necessity for some of our older residents on a fixed income."
In Port Norfolk, civic league president Mark DiVenuti said the assessment increases wouldn't be welcome, but they were expected. "Am I thrilled about it? No," he said. "But it doesn't surprise me. We've been playing catch-up - we were so underassessed for such a long time."
Bryce said property owners would receive their assessment notices within the week. That's earlier in the year than in the past to allow more time for residents to appeal their increases to the Board of Equalization.
Meghan Hoyer, (757) 446-2293, meghan.hoyer@pilotonline.com
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Quality Services... ;-)
Well that would be the Sportsplex. You know the one, the one that siphons nearly half a million dollars from tax payers to keep it running. But Mr. Barrett would like you to believe that the other facility that makes 2 million a year pays for it. But when the same formula is applied to taxes you get a mouthful about losing money.
And you will never hear Mr Barrett or anyone on any city council in this area talk about scaling back development when faced with tax cuts. You WILL hear about how the Fire Departments will close, police will be layed off, library's will close their doors, schools will shut down, and basic chaos will ensue. But if you listen, and you have to listen REALLY carefully they never NEVER say anything about scaling back development.
Just goes to show, the government here does not care about your kids or mine. They just care about lining the pockets of Mr. Barrett and Runnymede as well as each one of them on the councils.
Who do they think they're fooling?
2/12/08 Economy puts Portsmouth's plans for courthouse up in air
"....some council members say that they would need to rethink all spending...."
2/13/08 Portsmouth council decides against more Todi funding
"TodiMusicFest could be in jeopardy this year because of lack of funding."
2/14/08 Portsmouth group set to approve waterside developement
"Before work is complete, Portsmouth could be on the hook for more than $14 million in grants and infrastructure."
2/15/08 Portsmouth home assessments to go up about 5%
2/16/08 I get my new assessment in the mail
Does city council really think its citizens are stupid? For anyone to say Portsmouth's home sales haven't declined is preposterous. Just ask any real estate agent. In my neighborhood alone I can count 5 houses on ONE STREET that have been for sale over 6 months, and they are reasonably priced.
It's high time we vote the bums out and start over with COMPETENT representatives of the Portsmouth citizenship. Either that or pack it in and move out because the rats are winning the race!
Perhaps
Perhaps Mr Barrett would like to enlighted us about those so called "quality services". That is the same lame all encompassing jargon that state and local governments like to use to convince people that they are getting their monies worth on taxes paid while developers (MIKE BARRETT) soak the citizens dry. Mr. Barrett is a substantial stakeholder in over collected and squandered taxes because he directly benefits from them. Hundreds of millions of dollars have been wasted in Virginia Beach alone to people like Mr. Barrett. So please tell me what "quality service" I am getting when most of my money is being handed over to leeches instead of paying for firemen, police and teachers?
Gross overstated home values in Norfolk and Portsmouth.
I wonder why most folks except the lies told, realestate is not declining in Hampton Roads? Portsmouth and Norfolk hit the hardest. Norfolk's murder/crime rate skyrocketing from last year. Portsmouth and Norfolk both see crime worse than its ever been. The new Walmart in Portsmouth and in Norfolk can only stay open till midnight and our classifed high crime areas? HMMMM ?? Military Circle once a booming Mall now a skelton of its past. Yet our local elected offical insist theses cities are great places to raise a family. That housing is stable and we all should look for property since its increasing in value daily.
I'm gonna have to throw the flag. Va Beach Chesapeake and Suffolk have a huge back log of unsold homes. If they arnt selling than why would anyone in their right mine choose Portsmouth as a up and comming city... Get a new City assessor, Vote some new folks into office and throw that flag now!!
P-Town Hubert
"We're a city, with “city” problems. Just like every other city on the planet. Do you have a cure"?
No Sir, I do not! I wish with all my heart I did have a cure! It seems that the small guy gets hurt or squeezed out of a hard earned dollar. It seems like projects get the "go ahead" against the people's wishes-as they cry out for better government and lower taxes. We are half way around the world spending billions-when our own kids, our own cities appear oblivious to basic human needs. My statement "Would 4 tours..."? Re-reading those words now, I have to agree. No! That would be the worse crutch anyone could use. I, for lack of a better term, "judged" a city after a few wonderful months followed by hell. I think I shall remember the "good" times instead and wish you and your city "better times"! Most Respectfully..mp
In defense of Portsmouth...
Mike P said, "Would 4 tours in the mid-east qualify Sir?"
No. It would be nice to use that crutch to justify everything that you say, but I don't buy it. I have friends and family that have served during several wars, and they don't agree with you, either. Cops and sheriff's deputies, too.
Your opinion of P-Town is exactly the opinion I talked about in my original letter. I have lived here for 52 years, and have raised two children, who still live here and wouldn't live anywhere else.
Every city has bad neighborhoods. The trick is to learn where they are, and stay away from them. That's just common sense, in every city on the planet.
My family has lived here since the 1940's, because we know up close and personally that the tales that people like you spew are bull.
We're a city, with “city” problems. Just like every other city on the planet. Do you have a cure?
Who's Posting
"Anti tax zealots" have decided what needs to be cut. The use of taxpayer funds to subsidize non essential wealthy developer projects and corporate welfare. That's all that has to be cut, to reduce the burden of taxation on citizens, especially during a time when the "FED" is trying to stimulate the economy. Raising taxes on citizens of any kind is counter productive to their initative.
Welcome to the dance Portsmouth
Here in Chesapeake our local government "financially raped" homeowners in the year 2006, with an average increase of 28% per household on property taxes. Now that it's an election year, our local government is trying to utilize the media to spread good news about an increase of only 1% this year. Unless they give us property tax assessment rebate checks for the 28% increase we paid, due to the falsified inflated real estate market, we are still paying far more than we should be paying. Obviously, they won't return our funds, because they need the money to give our new Wal-Mart an acess road. Subsidizing wealthy developers and corporate welfare should be the downfall of many local politicians. Money, unfortunatley controls many City Councils. Independents, with no ties to developers,school boards or special business interest groups that have the mindset to implement true fiscal conservative principals are whats needed to remove the money influence that the two traditional parties are entangled with. Good Luck, Portsmouth. Organize your opposition.
To:P-Town Hubert
Ocean View and Portsmouth "Both" beckoned Sir! Personally, professionally and, more importantly from a business standpoint! Two people, with more than a good share of "financing" was pushed, threatened and basically ignored by "Your" city. We went to find office space and was shown places where I wouldn't even dare to let my kids 2 feet away from me. I support and commend your feelings towards your city, but I think we can only agree to disagree. To me, it is and was a dangerous place to live, work, and walk around in. Developers and politicians have ignored "both city and people" for many years. The evening I can walk out of the Commodore, or pub "without" someone threatening my life, I will consider your "wonderful city". The day I see the crime rate go to single digits, a work force that is positive and not "thug like" and schools that are not dangerous, I'll move back! Until that time, I am happy not needing a weapon to go for a walk in my present neighborhood! As to me "surviving"? Would 4 tours in the mid-east qualify Sir?
Who is posting
Always remember that Mike Barrett's comments are incredibly biased. Of course he wants YOU to pay more taxes. The more of the taxes local residents pick up, the less he, a developer, has to contribute.
P-Town Paradise!
Mike P said, "I and many of my friends avoid "Ports'blighted'mouth" as if it were radioactive!"
On behalf of my fellow P-Townians, we thank you. Please continue to keep your traffic and your municipal tree-choppers away from our fair city. When I hear people make comments like that about P-Town, I never argue with them. I WANT them to keep believing that, so they'll stay away.
Ocean View beckons you. Go hang out there. Let us know if you survive.
They are nuts!
Houses aren't selling in MY Portsmouth neighborhood! We had our house on the market for six months with maybe 10 visits from potential buyers...it's renovated, beautifully decorated and landscaped, was in line with market studies and was advertised vigorously.
Who's Posting
The responses are always more enlightening than the stories. We get the same members of the taxpayers alliance complaining because the story does not match their preconceived view of things, therefore, the story must be wrong, or influenced by others, or part of a conspiracy, or part of the liberal/conservative bias (take your pick) of the Pilot. Fact is, real estate is a completely local market. Portsmouth has a lot of moderate priced housing which is doing much better these days than McMansions in the rural subdivisions, so it is not surprising that their assessments have held up. And that is good! That means City Council can cut the rate or keep it close to where it is today, avoiding some of the disruption being seen in other cities where assessments are actually declining. Anti tax zealots can appear at the budget hearings, and if they can agree on what needs to be cut, they can lobby for lower rates still. And those who depend upon quality services can lobby for more. And that is the way democracy works.
strongarm robbery
They're at it again. Where has she been looking??? There are nearly as many 'For Sale' signs as mailboxes in our fair city (abeit a bit overstated). My neighborhood is full of them. Most have been up for several months with no takers. Why? Because the prices are ridiculously inflated based on the false values created during the real estate 'BOOM'!Prices are high, money is tight, pay is low, and mortages are harder to come by. I know she hasn't come through my neighborhood in the Lynn Shore area unless she's driving a 4x4. Greenbriar Road looks like a bombed out runway in Iraq and has for years! The increase in commercial values must be based on all of the payday and car title loan business popping up at every corner. As asked earier, what does commercial property values have to do with residential values? Every dime the city is spending seems directed at improving the property for those masses that choose to be leeches on society instead of attempting any level of self-sustaining behavior. Even my daughter has more sense than our city council. We should create small safe enclaves for the elderly and infirmed. All others should be forced to take care of themselves or pack up and lea
How to fight back....
http://money.cnn.com/2008/02/12/real_estate/tax_squeeze.moneymag/index.htm?postversion=2008021306
The tax rate does not have to go up - Counci contros that
Folks, this is kind of confusing. The assessed value is whatever it is. The state code automatically lowers the tax RATE to offset any tax increase that exceeds a 1% increase over the previous year. By law each local government has to hold a special pubic hearing and then vote to INCREASE the tax RATE to whatever they want; if they want to increase your taxes more than 1%. The confusion comes when the tax rate the year before was, say $1.00 per $100\assessed value. Then, the average assessed value increased more than 1% over last year. The tax RATE is lowered to, let’s say $0.92 per $100. The local government wants to spend your equity, so they vote to RAISE the $0.92 rate to $0.98 – and claim they “lowered” the tax RATE. That is not true; they raised it from $0.92 rate to $0.98. Folks, they don’t have to raise it at all. The problem is not your assessment, it’s your local government.
"..a reputation that sends most folks to NC and Suffolk."
Exactly!! Not only does the pizza man "Not" go into some areas, I and many of my friends avoid "Ports'blighted'mouth" as if it were radioactive!
On term limits...
We already have term limits. They're called elections.
jmo
Portsmouth taxes overpriced compared to neighboring cities
I just moved from Chesapeake and was appalled by the difference in taxes. I moved from Greenbrier to here because I really think this city can make a rebound and has a lot of potential. The water front property and the overall location of this city to the others makes for an ideal location for someone living in Hampton roads. I agree with the other postings and would like to be apart of a solution instead of another blogger rambling. How can we make these officials accountable for their decisions? I think that bringing in some developers to help revitalize this city could help with it's blight on the city, I just think the city should make some smarter decisions on who they let come in and redevelop. Maybe the city wouldn't have to tax it's residents so much if they focused on bringing more urban businesses and less on buying up property and redeveloping it to give back to the poor. They can't tax property they own and if the focus was on a more sustanible urban core than the property value around it would become so valuable it would eventually get bought up and redeveloped.
(Wake Up People) Vote the Council out
They are the one's who are suppose to be looking out for the taxpayer. It's thier jobs to make sure others do thiers.
Have you driven through Port Norfolk lately?
Yes... the real estate market in Port Norfolk is smokin' hot right now! You can tell solely by the number of houses for sale. Everyone seems to be trying to profit from this HOT HOT market. Oh, what's that you say? No, it really is hot, I swear. Please, pay no attention to the fact that some of these homes have been on the market for over 6 months. They're just waiting for the right buyer. Say... that could be you!
Reverse Eminent Domain and Condemnation
Tax it! Tax it! Tax it!
I'M OUTA HERE!!!
That is the mindset this state and local government are producing.
Income tax, real estate tax, car tax, boat tax, sales tax, meal tax, tax tax!
Obviusly Portsmouth wanted
Obviusly Portsmouth wanted 5% more and they found a justification. Justification and rationalizations are little lies we tell ourselves.
UNBELIEVABLE
If you live in Portsmouth this article is most depressing. What the City Accessor says in this article is unbelievable. I guess houses being on the market for over a year is not considered. I see them everywhere. I don't know how the retirees of the city living on a fixed income can handle this sort of cost increase.
What city are they looking at? It's not Portsmouth!
"...Meanwhile, several of the region's submarkets, including the Lynnhaven area of Virginia Beach, Chesapeake's Battlefield Boulevard area, and downtown Portsmouth, had vacancy rates in the double-digit range, according to the company's office-space report."
Yeah, the retail/commercial market is hot. Yeah Right!
Time to voice our opinions...
REAL ESTATE ASSESSOR
801 Crawford Street, 2nd Floor
P.O. Box 820
Portsmouth, Virginia 23705-0820
Telephone : (757) 393-8631
Fax: (757) 393-8177
Email: assessor@portsmouthva.gov
Taken from:
http://www.portsmouthva.gov/assessor/
Ouch
Stick it to the the suckers that put up with it.
give weight to most recent foreclosures and problems in market
Ms. Bryce, please also give weight to the most recent foreclosures and how much longer houses are on the market than the previous year. That is why you have seen no sign of a sales slump. Please wake up and find a more logic way to assess house values and capture problems in house market. Credit rating agencies such as Moodys/Standard & Poor's/Fitch are now facing a congressional investigation because of the ratings agencies' criteria and their potential conflicts of interest.
Do not inflate house values, which will eventually create crisis for your city.
And
Since when did commercial real estate have anything to do with residential real estate. They are completely different animals, and assessments for one shouldn't determine the value of the other. Stupid just stupid. And I guess the 25,000 houses on the market in this area mean this area is a hot commodity! Yea right! And term limits for all. If the POTUS can only have 2 terms, all politicians, city, state and federal should all be limited to 2 terms.