Local governing bodies are not permitted to reap revenue windfalls due to an increase in assessed values (see § 58.1-3321, Code of Virginia). 

This year, for the second year in a row, the property owners of Portsmouth, Virginia received radically increased assessments of our real estate.  Personally, mine increased by 19.69% last year, and 11.14% this year.  The assessment of my land has more than doubled since 2020.  Many fellow Portsmouth citizens have seen similar increases.   Our incomes have not increased along with these assessments / tax hikes.  The City of Portsmouth is aware of the radically increased assessments.   However, it has announced a hearing on April 25th, where it plans to keep Portsmouth's sky high tax rate of $1.30 on these new sky high assessments.   The property owners of this city cannot afford this latest planned increase, which is intended to support a budget that is 10% higher than last year.  We ask that the city look at the budget and decide what absolutely must be paid for this coming year, and what can wait.  If the pension system needs urgent patching, then perhaps the homeless center needs to be put on hold until the pensions are caught up, for instance.  You are taxing us out of our homes.