Virginia Beach Neighborhood Assessments Vary Widely in 2027
News related to:City of Virginia Beach · 3 min read
Virginia Beach Neighborhood Assessments Ranged From -6.0% to +32.6% in FY 2027, According to the City of Virginia Beach Real Estate Assessor. © 2026 Liz Schuyler
The City of Virginia Beach recently released detailed figures on neighborhood assessments for the fiscal year 2027, revealing significant variations in property valuations across the city. The report, compiled by the City of Virginia Beach Real Estate Assessor, highlights a wide range of changes in residential assessments, with some neighborhoods experiencing substantial increases and others seeing sharp declines.
Among the five largest assessment increases, the Atlantic Shores Mid-Rise APT (District 5) recorded the highest increase at +32.6%, followed by Princess Anne Plaza Kings Arms (District 10) with a +25.1% increase and Bay Colony Waterfront (District 6) at +20.8%. These neighborhoods, which collectively have over 566 parcels, saw their median assessment jump to $141,100, reflecting a significant boost in property values.
On the other end of the spectrum, the neighborhoods with the largest decreases were the Sanctuary False Cape (District 2) and Avalon Hills (District 1), both experiencing a -6.0% and -3.3% decrease in assessments, respectively. These neighborhoods, which have fewer parcels, saw their median assessments drop to $140,000 and $137,000, indicating a decrease in property values.
Citywide residential assessments increased by a median of 5.29%, with 90 neighborhoods recording increases of at least 10%, while 28 experienced declines. The largest increases were observed in neighborhoods such as Atlantic Shores Mid-Rise APT, which saw an average assessment increase above 30%, and Princess Anne Plaza Kings Arms, with a +25.1% increase.
In contrast, neighborhoods like Sanctuary False Cape and Avalon Hills experienced the largest decreases, with -6.0% and -3.3% changes in assessments, respectively. These neighborhoods, which have fewer parcels, saw their median assessments drop to $140,000 and $137,000, reflecting a decrease in property values.
The assessment data also showed that about 57% of the city's homes are assessed between $250,000 and $499,999, with homes assessed under $150,000 experiencing a median increase of 2.61%, those between $250,000 and $499,999 about 5%, and homes at $750,000 or more seeing a 6.89% increase. Median assessments also varied by home type, with single-family homes assessed at $432,800, townhouses at $251,900, low-rise condos at $323,900, high-rise condos and co-ops at $446,300, and duplexes and homes with accessory units at $579,200.
The assessment figures, while reflecting changes across the entire group of properties, do not necessarily represent the experience of individual homeowners. The data does not explain why individual neighborhoods moved, as an assessment is a January 1 valuation for tax purposes, not an indication of what a particular home would sell for today.
Citywide, the bands of assessment changes moved differently, with some neighborhoods experiencing significant increases and others seeing decreases. The assessment districts rose from +4.71% in District 10 to +8.05% in District 5, reflecting the varied impact of the fiscal year's changes on different neighborhoods.
To help homeowners explore the findings, Liz Schuyler, Virginia Beach REALTOR® and RE/MAX Allegiance, compiled the assessor's neighborhood-level data into an interactive lookup on the Virginia Beach Guide's Home Worth page. Visitors can search by neighborhood name or browse by district to see the reported assessment change for their area. The lookup is part of the seller guide Selling a Home in Virginia Beach, which also includes a net proceeds calculator.
The release notes that all ten of the city's assessment districts rose, with District 5 experiencing the highest increase at +8.05%, while District 10 saw the lowest increase at +4.71%. The data does not by itself explain why individual neighborhoods moved, as an assessment is a January 1 valuation for tax purposes, not an indication of what a particular home would sell for today.
The citywide median tells only part of the story, as neighborhood-level changes show why homeowners shouldn't assume their property's value moved in line with the city average. An assessment is a January 1 valuation for tax purposes, not an indication of what a particular home would sell for today.