North Chesterfield, Virginia Property Taxes
The median property tax rate in North Chesterfield, VA is 0.92%, slightly below the national median of 0.99% but higher than the Virginia state median of 0.89%. With a median home value of $263,200 in North Chesterfield, the typical annual property tax bill amounts to $2,385, which is lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which generally falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding North 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 North 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
North Chesterfield, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s North Chesterfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Chesterfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Chesterfield to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across North Chesterfield, Virginia
Property taxes in North Chesterfield, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Chesterfield is 0.92%, slightly lower than the Virginia state median of 0.95% but still fairly close to the U.S. national median of 0.99%. Local government entities within North Chesterfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, North 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 North Chesterfield's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23225 zip code has the highest median property tax rate of 0.92%, while the 23224 zip code has the lowest median tax rate of 0.91%. Understanding how these areas compare with North Chesterfield provides valuable insights into the varying tax landscape across Chesterfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North 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 North Chesterfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23224 | 0.91% | 0.91% | 0.91% | 0.92% | 0.92% |
| 23225 | 0.91% | 0.92% | 0.92% | 0.92% | 0.93% |
| 23234 | 0.91% | 0.92% | 0.92% | 0.92% | 0.92% |
| 23235 | 0.91% | 0.92% | 0.92% | 0.92% | 0.92% |
| 23236 | 0.91% | 0.92% | 0.92% | 0.92% | 0.92% |
| 23237 | 0.91% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across North Chesterfield, Virginia
In North 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 Chesterfield County Assessor's Office 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 North 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. For instance, the zip code 23236 has the highest median tax bill at $2,699, while the zip code 23224 has the lowest at $1,868. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in North Chesterfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Chesterfield, Virginia
Source: Ownwell
$2,400
$260,200
$518,000
Average North Chesterfield Assessed Value
$263,200
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 North Chesterfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23224 | $170,820 | $192,000 | $206,000 | $235,500 | $266,600 |
| 23225 | $32,500 | $163,650 | $219,100 | $277,400 | $364,000 |
| 23234 | $131,900 | $204,300 | $246,100 | $303,000 | $356,940 |
| 23235 | $159,920 | $236,200 | $286,600 | $339,900 | $393,480 |
| 23236 | $206,100 | $249,500 | $297,500 | $351,700 | $429,020 |
| 23237 | $46,480 | $187,700 | $227,400 | $281,300 | $341,300 |
Source: Ownwell
Property Tax Bills Across North Chesterfield, Virginia
In North Chesterfield, Chesterfield County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $263,200, homeowners can expect different tax bills depending on their property's assessed value and specific tax rate. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in North Chesterfield experience a range of tax bills; the 25th percentile tax bill is $1,874, while the 75th percentile reaches up to $2,939. The highest median tax bill in the area is $2,699 in the 23236 zip code, whereas the lowest median is $1,868 in the 23224 zip code. These variations can significantly impact homeowners' expenses, making it crucial to understand how local assessments and tax rates apply to their specific properties.
Average North Chesterfield Tax Bill
$2,385
Average Chesterfield County Tax Bill
$2,742
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across North Chesterfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23224 | $1,322 | $1,708 | $1,868 | $2,146 | $2,425 |
| 23225 | $296 | $1,466 | $1,984 | $2,533 | $3,329 |
| 23234 | $612 | $1,792 | $2,219 | $2,739 | $3,242 |
| 23235 | $1,282 | $2,121 | $2,612 | $3,109 | $3,599 |
| 23236 | $1,743 | $2,242 | $2,699 | $3,202 | $3,913 |
| 23237 | $73 | $1,661 | $2,055 | $2,547 | $3,071 |
Source: Ownwell