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City Demographics and Statistics
This section of the FY 2022-2023 Operating & Capital Budget provides a snapshot of key demographic, economic, and social statistics about the City of Suffolk. This information is used to analyze trends that may have an impact on resource allocation decisions and to ensure that the City remains competitive with other jurisdictions in the Hampton Roads region.
Population Growth
Suffolk’s population is estimated at 96,130 residents, a slight increase over the previous year. Overall, Suffolk’s population has increased 11% over the last 10 years.
Population Growth 2012 - 2021
96,130
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Weldon Cooper Center for Public Service
Building Permits
The number of permits issued has trended higher due to increases in commercial and residential development over the last few years.
Source: Annual Financial Report for FY 2021
Median Household Income
Median household income is estimated at $74,222, third highest in the Hampton Roads region and slightly below the State average ($74,884).
Unemployment Rate
The average annual unemployment rate has ranged from 3.0% to 6.9% in the last 10 years due to the COVID-19 Pandemic and generally followed the trends of state and federal unemployment. Suffolk’s unemployment rate in 2021 was 4.4%, which was slightly higher than the state average (3.9%), but less than the national average of (5.3%).
Source: U.S. Census Bureau, American FactFinder
Source: Virginia Employment Commission
Direct Property Tax Rates
The graph below provides an overview of direct property tax rates for citywide real estate, personal property, and machinery and tools taxes over the last 10 years. Personal Property and machinery and tools tax rates have remained flat over the last 10 years. The real estate tax rate has ranged from $.97 to $1.11 per $100 of assessed value.
Real Estate Tax Rate
The Adopted FY23 citywide real estate tax rate is $1.09 per $100 of assessed value, third lowest among the seven largest cities in Hampton Roads.
$1.40
$1.20
$1.00 $.99 Real Estate Tax Rate Comparison
$1.05 $1.09 $1.18 $1.20 $1.25 $1.30
$0.80
$0.60
$0.40
$0.20
$0.00
Virgin ia Beach Chesapeake Suf folk Hampton Newp ort News Norfolk Portsmouth
Personal Property Tax Rate
The personal property tax rate is currently $4.25 per $100 of assessed value and consistent with other localities in the Hampton Roads region.
Real Property – Total Assessed Value
As Suffolk has grown in size and stature, the total assessed value of real property has increased from $8.8 billion in FY 2012 to $10.5 billion in FY 2021.
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Personal Property Tax Rate Comparsion
$4.00 $4.08 $4.25 $4.33 $4.50 $4.50 $5.00
Source: Annual Financial Report for FY 2021
Allocation of Real Property Values
A comparison of real property values from FY 2010 to FY 2022 indicates that residential parcels as a percentage of the overall distribution of parcels by assessed value have decreased slightly from 75.1% to 73.4%. Agricultural parcels have declined from 4.4% to 3.0% and commercial parcels have slightly decreased from 19.0% to 18.0%. Multifamily parcels have increased from 1.3% to 5.6%.
Distribution of Parcels by Assessed Value
FY 2010 FY 2022
Multifamily
Source: City Assessor
Major Real Property Tax Payers
Taxpayer Taxable Assessed Value Target Corporation $60,794,100 EGP 116 Suffolk LLC/116 Lakeview Parkway, LLC 56,034,100 2152 LLC 42,920,000 TowneBank 40,994,600 QVC of Suffolk Inc. /CVN Distribution 40,778,500 The Pergola Group 39,430,000 GGT Hampton Roads VA Venture 37,730,000 BelleHarbour Properties LLC 36,458,200 Lake Prince Center Inc. 33,776,300 Boyd Suffolk GSA LLC 32,852,800
Source: Annual Financial Report for FY 2021
Property Tax Levies and Collections
Over the last ten years, property tax collections as a percentage of taxes levied have remained consistently strong at approximately 98% each year.
Source: City Treasurer
Percentage Increase in Tax Revenues By Source
The chart below provides an overview of the percentage increase in tax revenue by source over the last 10 years.
Size of City Government
The adopted FY 2022-2023 budget provides for 15.5 full-time positions per 1,000 citizens. After a decline in the number of full-time positions per 1,000 citizens in previous years, the number has increased consistent with population growth. The adopted FY23 budget includes 52 new positions including 18 firefighters to staff a new fire station.
Support of Schools
Funding to support the operation of the school division is provided from local, state, federal, and other sources. Approximately 33% of the schools operating fund is derived from local fund support.
Population
Full-Time Positions Per 1,000 Citizens City of Suffolk Last Ten Fiscal Years
100,000
95,000
90,000
85,000
80,000 15.60 15.40 15.20
15.00 14.80 14.60 14.40 14.20
14.00 FTEs per 1,000 Citizens
Population Approve d Positions Per 1,00 0 Citizens
Principal Employers
Suffolk’s employment base is comprised of a diverse mix of business and industry with a workforce of over 32,000 employees. The top employers, excluding the City of Suffolk and Suffolk Public Schools, account for 8,595 employees and 26% of the City’s workforce.
Employer
Navy Cyber Force Sentara Health Systems Target CVN Distribution/QVC, Inc Towne Bank J-7 Joint Starr Wal-Mart Stores
Type of Business
ModSim & Technology Medical
Employees
2,250 1,500 Warehousing & Distribution 1,500 Warehousing & Distribution 700
Banking 600
ModSim & Technology Retail 550 525
Hormel/Planters/Kraft Foods Food Processing Massimo Zanetti Beverage USA Beverage Company Sysco Food Services Food Service Distribution
380 315 275 8,595
