Community violence exposure (CVE) has been identified as a significant public health concern given its association with numerous mental health problems. Perceptions of neighborhood violence (PNV) also may adversely affect youth adjustment. In recognition that PNV may differ from individuals own experience of CVE, the current study utilized latent class analysis to examine the degree and consequences of consistency and discrepancy in adolescents community violence exposure and PNV. Participants included an epidemiologically-defined community sample of 456 African American adolescents (52% male; mean age = 11.77). Results revealed three groups of youth: high CVE/high PNV, low CVE/low PNV, and low CVE/high PNV. Longitudinal analyses suggest that a discrepancy between CVE and PNV is important for understanding depressive and anxious symptoms among urban African American youth. Implications for intervention are discussed. (Contains 4 tables and 1 figure.)