Taxes and the budget
Where it standsThe FY 2026-27 budget kept the real estate tax rate at 97 cents per $100 and the meals tax unchanged, with a personal property tax credit of up to $80 per vehicle.
What's on the tableThe next council writes the FY 2027-28 budget and sets the real estate and meals tax rates.
- The City Council adopted the FY 2026-27 budget on May 12, 2026, by a vote of 11 to 0. City of Virginia Beach · May 12, 2026
- The real estate tax rate stayed at 97 cents per $100 of assessed value, which equals $8.5 million per penny. The Virginian-Pilot · May 13, 2026
- Home assessments rose by an average of around 6 percent. WTKR · May 13, 2026
- The meals tax stayed at 6% despite requests from restaurants to lower it; cutting it to 3.5% would have cut revenue by about $48 million. The Virginian-Pilot · May 13, 2026