Virginia Beach, Virginia Property Taxes
The median property tax rate in Virginia Beach, VA is 0.99%, aligning with the national median of 0.99% but higher than the Virginia state median of 0.89%. With a median home value in Virginia Beach of $325,700, the typical annual property tax bill reaches $3,227, surpassing the national median of $2,690. Property taxes in Virginia Beach are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Virginia Beach'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 Virginia Beach 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
Virginia Beach, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$3,224
Ownwell’s Virginia Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virginia Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virginia Beach 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 Virginia Beach, Virginia
Property taxes in Virginia Beach, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Virginia Beach is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Virginia Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virginia Beach 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 Virginia Beach's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23451 ZIP code has the highest median property tax rate of 0.99%, while the same ZIP code also has the lowest median tax rate of 0.99%. Understanding how these areas compare with Virginia Beach provides valuable insights into the varying tax landscape across Virginia Beach, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Virginia Beach Tax Rate
0.99%
Average Virginia Beach County Tax Rate
0.99%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Virginia Beach, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23451 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| 23452 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| 23453 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| 23454 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| 23455 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| 23456 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| 23457 | 0.83% | 0.99% | 0.99% | 0.99% | 0.99% |
| 23462 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| 23464 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Virginia Beach, Virginia
In Virginia Beach, 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. 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 Virginia Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $4,976 in the 23451 zip code, while the lowest is $2,408 in the 23462 zip code.
Property Tax Assessment Values Across Virginia Beach, Virginia
Source: Ownwell
$242,700
$372,900
$503,100
Average Virginia Beach Assessed Value
$325,700
Average Virginia Beach County Assessed Value
$325,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Virginia Beach, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23451 | $215,500 | $325,900 | $503,100 | $798,600 | $1,183,140 |
| 23452 | $192,200 | $234,300 | $283,800 | $371,000 | $595,980 |
| 23453 | $164,300 | $198,400 | $281,700 | $377,500 | $479,100 |
| 23454 | $201,500 | $253,800 | $352,100 | $477,600 | $697,220 |
| 23455 | $201,660 | $250,100 | $347,000 | $492,300 | $674,080 |
| 23456 | $279,800 | $347,400 | $439,450 | $572,100 | $788,630 |
| 23457 | $239,670 | $333,800 | $473,050 | $631,425 | $802,050 |
| 23462 | $157,000 | $195,400 | $242,700 | $292,200 | $344,300 |
| 23464 | $197,100 | $258,900 | $314,700 | $369,350 | $433,200 |
Source: Ownwell
Property Tax Bills Across Virginia Beach, Virginia
In Virginia Beach, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Virginia Beach can expect their property tax bills to vary significantly depending on the assessed value of their property. For instance, the median home price in Virginia Beach is $325,700. Factors such as the property's location, size, and condition all play a role in determining its assessed value. The tax bill for homes in the 25th percentile is around $2,437, while for those in the 75th percentile, it can reach up to $4,489. High-value properties can see tax bills as much as $6,669, particularly in zip code 23451, which has the highest median tax bill at $4,976. Conversely, zip code 23462 has the lowest median tax bill of $2,408. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Virginia Beach Tax Bill
$3,227
Average Virginia Beach County Tax Bill
$3,227
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Virginia Beach, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23451 | $2,136 | $3,185 | $4,976 | $7,916 | $11,695 |
| 23452 | $1,889 | $2,315 | $2,807 | $3,670 | $5,969 |
| 23453 | $1,674 | $2,000 | $2,822 | $3,773 | $4,759 |
| 23454 | $1,988 | $2,504 | $3,482 | $4,727 | $6,903 |
| 23455 | $1,990 | $2,472 | $3,431 | $4,873 | $6,689 |
| 23456 | $2,817 | $3,459 | $4,357 | $5,664 | $7,805 |
| 23457 | $2,209 | $3,142 | $4,488 | $5,977 | $7,402 |
| 23462 | $1,581 | $1,940 | $2,408 | $2,904 | $3,418 |
| 23464 | $1,957 | $2,566 | $3,117 | $3,658 | $4,293 |
Source: Ownwell