Weekly Real Estate News
Source: Daily Press —
A roughly 10% increase in residential real estate tax assessments in Hampton has the City Council considering a reduction of the tax rate to offset the burden to residents.
Hampton residents received their real estate assessments last month, with most seeing increases in their home values.
Assessor Libby Griebel told the council earlier this year the mean or average assessed value of a single family home in Hampton increased by $22,223 to $242,190 — not counting new buildings or those with permits for improvements.
At the current tax rate of $1.18 per $100 of assessed value, that means the owner of an average single family home would pay $262 more in taxes a year.
During a budget work session Wednesday, City Council members discussed lowering the real estate rate to somewhere between $1.12 and $1.16 per $100 of assessed value but did not reach a consensus.
