Portsmouth, Virginia Property Taxes
The median property tax rate in Portsmouth, VA is 1.25%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Portsmouth, the typical annual property tax bill reaches $2,610, just slightly below the national median of $2,690. Property taxes in Portsmouth 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 Portsmouth'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 Portsmouth 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
Portsmouth, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$2,608
Ownwell’s Portsmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portsmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portsmouth 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 Portsmouth, Virginia
Property taxes in Portsmouth, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portsmouth is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Portsmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portsmouth 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 Portsmouth's effective property tax rate to other counties and the national median. For comparison, the zip code 23701 has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these areas compare with Portsmouth provides valuable insights into the varying tax landscape across Portsmouth, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Portsmouth Tax Rate
1.25%
Average Portsmouth County Tax Rate
1.25%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portsmouth, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23701 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23702 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23703 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23704 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23707 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Portsmouth, Virginia
In Portsmouth, VA, 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 Portsmouth, 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. Being aware of these valuation processes in Portsmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Portsmouth, the highest median tax bill is $3,260 in zip code 23703, while the lowest is $2,212 in zip code 23702.
Average Portsmouth Assessed Value
$208,665
Average Portsmouth County Assessed Value
$208,665
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Portsmouth, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23701 | $149,644 | $177,620 | $211,640 | $253,300 | $306,318 |
| 23702 | $136,595 | $155,652 | $176,460 | $208,655 | $265,515 |
| 23703 | $145,970 | $194,218 | $260,690 | $304,990 | $360,800 |
| 23704 | $63,000 | $131,530 | $180,880 | $226,120 | $284,172 |
| 23707 | $120,341 | $159,298 | $197,795 | $248,898 | $301,676 |
Source: Ownwell
Property Tax Bills Across Portsmouth, Virginia
In Portsmouth, VA, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and reflects the estimated market value of the property. The tax rate in Portsmouth is applied to this assessed value to calculate the annual property tax bill. Several factors contribute to the assessed value, including the property's location, size, and condition. For instance, homes in the 23703 zip code have the highest median tax bill at $3,260, while those in the 23702 zip code have the lowest median tax bill at $2,212. Homeowners in Portsmouth can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill is around $2,061, whereas the 75th percentile tax bill reaches $3,330. At the 90th percentile, tax bills can be as high as $3,992. These property taxes significantly impact homeowners, contributing to the overall cost of owning a home and influencing decisions related to buying, selling, or improving property.
Average Portsmouth Tax Bill
$2,610
Average Portsmouth County Tax Bill
$2,610
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Portsmouth, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23701 | $1,878 | $2,222 | $2,645 | $3,166 | $3,829 |
| 23702 | $1,751 | $1,959 | $2,212 | $2,613 | $3,328 |
| 23703 | $1,825 | $2,446 | $3,260 | $3,812 | $4,510 |
| 23704 | $803 | $1,648 | $2,260 | $2,823 | $3,548 |
| 23707 | $1,329 | $1,982 | $2,466 | $3,109 | $3,770 |
Source: Ownwell