Chesterfield, Virginia Property Taxes
The median property tax rate in Chesterfield, VA is 0.92%, slightly lower than the national median of 0.99% but higher than Virginia's state median of 0.89%. With the median home value in Chesterfield at $331,100, the typical annual property tax bill reaches $2,962, surpassing the national median of $2,690. Property taxes in Chesterfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chesterfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Chesterfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chesterfield, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$3,046
Ownwell’s Chesterfield Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Chesterfield. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Chesterfield to provide an estimate of your property tax bill. This tool is essential for understanding potential tax liabilities and planning your finances accordingly. For those interested in more detailed trends, including neighborhood-level data, further information is available below. Your property's assessed value, determined by the county, is crucial for these calculations, as it considers applicable exemptions. Explore this tool to stay informed and make smart financial decisions.
Property Tax Rates Across Chesterfield, Virginia
Property taxes in Chesterfield, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chesterfield is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Chesterfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chesterfield estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Chesterfield's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23832 zip code has the highest median property tax rate of 0.92%, while the 23838 zip code has the lowest median tax rate of 0.92%. Understanding how these areas compare with Chesterfield provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chesterfield Tax Rate
0.92%
Average Chesterfield County Tax Rate
0.92%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chesterfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23832 | 0.91% | 0.92% | 0.92% | 0.92% | 0.92% |
| 23838 | 0.91% | 0.91% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Chesterfield, Virginia
In Chesterfield, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Chesterfield, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest median tax bill in Chesterfield is $3,467 in the 23838 zip code, while the lowest median tax bill is $2,784 in the 23832 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chesterfield Assessed Value
$331,100
Average Chesterfield County Assessed Value
$304,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chesterfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23832 | $188,900 | $240,500 | $308,400 | $394,325 | $481,850 |
| 23838 | $85,890 | $254,800 | $394,000 | $513,975 | $633,720 |
Source: Ownwell
Property Tax Bills Across Chesterfield, Virginia
Property tax bills in Chesterfield, VA, are calculated based on the assessed value of a property, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Chesterfield, the median home price stands at $331,100. Homeowners can expect a range of tax bills, with the 25th percentile at $2,141 and the 75th percentile at $3,917. For those at the 90th percentile, the tax bill can reach up to $4,859. Several factors influence the assessed value, including the property's size, age, location, and market conditions. The highest median tax bill in Chesterfield is found in the 23838 zip code at $3,467, while the lowest is in the 23832 zip code at $2,784. Compared to the national median property tax rate of 0.99%, Chesterfield's rates can significantly impact homeowners, making it essential for residents to understand how these factors affect their annual tax obligations.
Average Chesterfield Tax Bill
$2,962
Average Chesterfield County Tax Bill
$2,742
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Chesterfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23832 | $919 | $2,154 | $2,784 | $3,567 | $4,368 |
| 23838 | $551 | $2,009 | $3,467 | $4,596 | $5,662 |
Source: Ownwell