Hampton began the year with a new city real estate assessor, who said home values show slow, but steady gains.
Gary James joined the city in late January. He has 26 years of experience, including previously serving as assessor in Beaufort County, S.C.
He arrives in time to deliver the official launch of Hampton’s budget season for the 2020 fiscal year with preliminary review of the city’s land book.
Hampton home values are climbing slowly, but at a better pace than the previous year, James said. Median house prices increased from $199,400 to $205,000, while foreclosures are down.
Last year, residential values increased less than 1 percent, compared to a 1.74 percent increase for the current cycle.
“We almost have as much as three times as much growth as last year. It’s small … but it’s steady,” James said. “We don’t create something out of thin air. This is what the sales dictate to us.”
The city’s overall tax base increased by nearly 2 percent, representing new construction and sales across three sectors — residential, multi-family and commercial. The total market value of all properties is $14.6 million, with $11 billion of it taxable, according to the assessor’s report.
When new assessments are mailed, a majority of Hampton’s home owners will see increases. Some property owners in Olde Wythe and Buckroe will see a slight decline in value.
Among all of Hampton’s 51,186 parcels, 36,394 had a change in assessment, with little more than half showing an increase, 29 percent with no change and 17 percent showing a decline. Of the 45,996 residential properties, nearly 60 percent increased; 18 percent declined.
“Everyone wants to know have we gotten our values back? We are close. We are not there yet. We hope our economy stays strong,” James said.
Hampton determines property valuations as of Jan.1 of the current year for the tax bills that will cover the next fiscal cycle. Tax bills are due twice a year in December and June.
Hampton’s current tax rate is $1.24 per $100 of assessed value.
Mugler Bridge closed
The John P. Mugler Bridge is closed while Newport News Waterworks installs a new water main to Fort Monroe.
First announced in December, officials from Newport News and Hampton alerted motorists that the approach from Mellen Street in Phoebus and the bridge itself would be closed periodically, then overnight as well.
The road is now completely closed for up to a month, Newport News spokeswoman Kim Lee said.
“This is to allow for the construction of portions of the water main within the pavement area while they are also working on the bridge,” Lee wrote in an email.
Following the full road closure, the bridge will close during the day, again, for a few weeks until the project is completed, she said.
Officials are estimating the work would be completed by mid-March instead of the end of April, as originally anticipated, Lee added.
The project’s cost is estimated at $495,000.
