Chester, Virginia Property Taxes
The median property tax rate in Chester, VA is 0.92%, slightly lower than the national median of 0.99% but higher than the Virginia state median of 0.89%. With a median home value of $295,200 in Chester, the typical annual property tax bill is approximately $2,601, which is below the national median of $2,690. Property taxes in Chester are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Chester'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 Chester or another part of Chesterfield County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chester, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,716
Ownwell’s Chester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chester 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 Chester, Virginia
Property taxes in Chester, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chester is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Chesterfield County set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chester 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 Chester's effective property tax rate to other regions in Chesterfield County and the national median. For comparison, the zip code 23831 has the highest median property tax rate of 0.92%, while the zip code 23836 has the lowest median tax rate of 0.92%. Understanding how these areas compare with Chester 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 Chester 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 Chester, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23831 | 0.91% | 0.92% | 0.92% | 0.92% | 0.92% |
| 23836 | 0.91% | 0.91% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Chester, Virginia
In Chester, 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 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 Chester, 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 zip code with the highest median tax bill is 23836 at $2,686, while the lowest is 23831 at $2,581. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chester Assessed Value
$295,200
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 Chester, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23831 | $81,000 | $225,100 | $290,100 | $347,775 | $409,110 |
| 23836 | $105,320 | $226,800 | $319,300 | $426,100 | $529,960 |
Source: Ownwell
Property Tax Bills Across Chester, Virginia
In Chester, located in Chesterfield County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Chester is $295,200, which serves as a baseline for calculating property taxes. Homeowners in Chester can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $1,876, while at the 75th percentile, it reaches around $3,235. For those at the 90th percentile, the tax bill can be as high as $3,966. The highest median tax bill in the area is $2,686, found in the 23836 zip code, while the lowest is $2,581 in the 23831 zip code. Compared to the national median property tax rate of 0.99%, Chesterfield County's tax rates can have a significant impact on homeowners, influencing their overall cost of living and financial planning.
Average Chester Tax Bill
$2,601
Average Chesterfield County Tax Bill
$2,742
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Chester, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23831 | $108 | $1,898 | $2,581 | $3,120 | $3,654 |
| 23836 | $34 | $1,821 | $2,686 | $3,713 | $4,646 |
Source: Ownwell