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Virginia
Beach
Taxpayer Alliance
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| Residential real
estate tax
burdens that will never appear in Beach Magazine or on Virginia Beach City Page, those
full color ads appearing as part of the Virginia Beach propaganda
machine funded by unsuspecting home owners! FACTOID: In FY 2006/07, over 89,000 homes located in 538 neighborhoods received assessment increases ranging from 20% to 89% from the previous fiscal year. Number receiving double-digit increases: 854 neighborhoods! FACTOID: For FY 2006/07, City Manager Spore proposed and Council approved just a 3% reduction off the tax rate of $1.0239 to $0.99 per $100. The breakout & tax burden of soaring assessments are impacting families in 950+ neighborhoods... FACTOID: 23,995 homes located in 206 neighborhoods received increased assessments ranging from 30% to 91.5%! FACTOID: 65,819 homes located in 332 neighborhoods received increased assessments ranging from 20% to 29%. Accordingly, 89,774 homes out of 135,050 residential properties received tax increases ranging from 5 to 29 times the rate of inflation! FACTOID: 37,500 homes in 316 neighborhoods received double digit increased assessments ranging from 10% to 19%, at least 2 to 4 times the rate of inflation! FACTOID: By comparaison, the average rate of inflation over the past 4 years has been 2.925% Breaking it out over 4 yrs of cumulative hits to your wallet... FACTOID: There are 135,000 homes in Virginia Beach. Cumulative Assessments have soared over 4 yrs. At least 511 neighborhoods with 70,644 homes have received tax escalations ranging from 70% to 277%. FACTOID: 694 Neighborhoods with 96,635 homes have received tax escalations ranging from 60% to 277%. FACTOID: 3. 817 Neighborhoods with 112,189 homes had assessment increases ranging from 50% to 277% NOTE: Virginia Beach real estate tax continues to skyrocket for the residential homeowner in more ways than soaring assessments. The real estate tax base continues to widen, creating the highest residential tax burden for similar sized cities in the U.S. The current lopsided ratio of 85.7% residential vs 14.3% commercial, is projected to increase to an astounding ratio of 90:10 within a few years! In other words, $0.90 cents of every real estate tax dollar received for the annual budget will be on the backs of the residential stakeholder! CLICK HERE FOR COPY OF YOUR NEIGHBORHOOD REPORT: |