NORFOLK, Va. — City leaders in Norfolk and Chesapeake will hold hearings this month to discuss possible changes to residents’ property taxes.
The communities proposed budgets that would either decrease property tax rates for the next fiscal year or keep them the same, but residents could still end up paying more.
On paper, proposed property tax rates would decrease in Norfolk, Portsmouth, Virginia Beach and other communities, while they’d stay stagnant in Chesapeake. However, assessors will soon reevaluate what properties are worth.
Norfolk residents recently saw a notice from the city about the change. Chesapeake resident and CPA Stephen Livingston says when property taxes change, it affects much more than home prices.
“Unfortunately, it’s going to be a domino effect. Any increase [is]. When minimum wage was increasing, consumer goods had to charge more,” explained Livingston.
In Chesapeake, leaders project property assessments will rise by 4.12% for the next fiscal year. Meanwhile, the tax rate would stay the same at $1.01/$100 in value. In Norfolk, the proposed assessment increase is 5.94%, while property taxes are set to decrease from $1.25 to $1.23/$100 in value.
As Livingston puts it, “I suspect, on average, most people would end up paying more. There’s so much real estate within the city, so it’s an easy tax to collect and to administer.”
Some residents, like Doug Churchill, are concerned.
“I think everyone should be concerned about it: renters, homeowners, everyone,” he said.
While others, like Dale Drum, feel differently.
“It’s less than the inflation rate,” he said. “I’m not overly concerned about it.”
Other communities, like Virginia Beach and Portsmouth, are also proposing a decrease in their property tax rates. Portsmouth residents pay the highest property taxes in Hampton Roads at $1.30/$100 in value.
Chesapeake and Norfolk are both holding hearings to discuss these possible changes with residents.
Chesapeake’s hearing is on Tuesday, April 9 at City Hall beginning at 6:30 p.m. Norfolk’s hearing will be held at Slover Library on April 30 at 5 p.m.