Suffolk, Virginia Property Taxes
The median property tax rate in Suffolk, VA is 1.18%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Suffolk, the typical annual property tax bill reaches $3,542, exceeding the national median of $2,690. Property taxes in Suffolk 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 Suffolk'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 Suffolk 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
Suffolk, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$3,749
Ownwell’s Suffolk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Suffolk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Suffolk 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 Suffolk, Virginia
Property taxes in Suffolk, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Suffolk is 1.18%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Suffolk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Suffolk 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 Suffolk's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23439 zip code has the highest median property tax rate of 1.66%, while the 23436 zip code has the lowest median tax rate of 1.15%. Understanding how these cities compare with Suffolk 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 Suffolk Tax Rate
1.18%
Average Suffolk County Tax Rate
1.18%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Suffolk, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23432 | 1.07% | 1.13% | 1.16% | 1.23% | 1.33% |
| 23433 | 1.11% | 1.14% | 1.16% | 1.19% | 1.25% |
| 23434 | 1.07% | 1.16% | 1.20% | 1.27% | 1.44% |
| 23435 | 1.09% | 1.12% | 1.16% | 1.19% | 1.25% |
| 23436 | 1.10% | 1.13% | 1.15% | 1.19% | 1.31% |
| 23437 | 1.07% | 1.16% | 1.20% | 1.26% | 1.35% |
| 23438 | 1.05% | 1.16% | 1.20% | 1.26% | 1.34% |
| 23439 | 1.37% | 1.48% | 1.66% | 1.69% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Suffolk, Virginia
In Suffolk, 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 Suffolk County 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 Suffolk, 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. Suffolk's median home price stands at $317,700, with tax bills ranging significantly across different zip codes. The highest median tax bill is $5,171 in zip code 23436, while the lowest is $1,100 in zip code 23439. 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 Suffolk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Suffolk Assessed Value
$317,700
Average Suffolk County Assessed Value
$317,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Suffolk, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23432 | $137,660 | $214,700 | $375,900 | $567,850 | $720,000 |
| 23433 | $201,920 | $315,700 | $439,100 | $560,200 | $726,200 |
| 23434 | $106,050 | $177,425 | $274,600 | $375,600 | $459,950 |
| 23435 | $223,700 | $286,800 | $381,400 | $461,400 | $587,000 |
| 23436 | $127,540 | $323,250 | $462,400 | $607,900 | $726,040 |
| 23437 | $125,240 | $186,275 | $274,950 | $381,300 | $466,570 |
| 23438 | $124,140 | $193,275 | $271,950 | $368,600 | $465,900 |
| 23439 | $62,340 | $63,750 | $66,100 | $122,250 | $155,940 |
Source: Ownwell
Property Tax Bills Across Suffolk, Virginia
In Suffolk, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Suffolk is $317,700, which influences the overall property tax amount. Homeowners in the 25th percentile can expect tax bills around $2,328, while those in the 75th percentile might see bills as high as $4,712. In some cases, tax bills can reach up to $5,830 for the 90th percentile. The highest median tax bill in Suffolk is $5,171, found in the 23436 zip code, while the lowest median tax bill is $1,100 in the 23439 zip code. These figures illustrate the range of property tax burdens homeowners might experience, depending on their property's assessed value and location within the city. Understanding these factors can help homeowners better anticipate their annual expenses and plan accordingly.
Average Suffolk Tax Bill
$3,542
Average Suffolk County Tax Bill
$3,542
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Suffolk, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23432 | $1,072 | $2,377 | $4,120 | $6,344 | $8,087 |
| 23433 | $2,218 | $3,505 | $4,983 | $6,299 | $8,086 |
| 23434 | $976 | $1,912 | $3,133 | $4,274 | $5,162 |
| 23435 | $1,585 | $3,201 | $4,258 | $5,187 | $6,498 |
| 23436 | $1,112 | $3,663 | $5,171 | $6,868 | $8,084 |
| 23437 | $952 | $2,125 | $3,192 | $4,295 | $5,307 |
| 23438 | $1,047 | $2,207 | $3,193 | $4,187 | $5,333 |
| 23439 | $1,060 | $1,075 | $1,100 | $1,701 | $2,062 |
Source: Ownwell