HAMPTON, Va. - Home values are rising in Hampton by tens of thousands of dollars, according to the city. Reports from the assessor's office show the median sale price for a home in 2022 was $253,000.
Ninety-six percent of residents saw an increase of more than $22,000.
Hampton homeowner Kendra McMullen was one of them.
“It’s still kind of a shock that they’re predicting our home is $22,000 more in value,” said McMullen.
She said it's a double-edged sword, however, because higher home values mean more money owed in taxes.
“When we first got here we were talking somewhere in the ballpark of just over $3,000 and now they’re predicting in a couple of years we’ll be paying $4,500 in taxes,” said McMullen.
Last year, the city council voted to lower the real estate tax rate from $1.24 per square foot to $1.18. City Manager Mary Bunting told News 3, this year they're planning to drop it even more.
“We understand that this is a tough financial time for many with inflationary costs growing and frankly we don’t want to take more from our residents that we have to,” said Bunting.
The city council won't approve this coming fiscal year's budget, which includes the potential real estate tax rate decrease, until May. There will be a pubic input session on Saturday, March 11 at 9 a.m. at Hampton High School.
