South Chesterfield, Virginia Property Taxes
The median property tax rate in South Chesterfield, VA is 0.79%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $19,400 in South Chesterfield, the typical annual property tax bill is $153, significantly below the national median of $2,690. Property taxes in South Chesterfield are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding South Chesterfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of South Chesterfield or another part of Dinwiddie County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South 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 South Chesterfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Chesterfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South 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 South Chesterfield, Virginia
Property taxes in South Chesterfield, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Chesterfield is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within South Chesterfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Chesterfield's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23803 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with South Chesterfield provides valuable insights into the varying tax landscape across Dinwiddie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Chesterfield Tax Rate
0.79%
Average Dinwiddie County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Chesterfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across South Chesterfield, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in South Chesterfield, Virginia. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Dinwiddie County Assessor 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 South 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. Notably, the median home price in South Chesterfield is $19,400, with the highest and lowest median tax bills both being $153 in zip code 23803. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Chesterfield, Virginia
Source: Ownwell
$19,400
$102,900
$186,400
Average South Chesterfield Assessed Value
$19,400
Average Dinwiddie County Assessed Value
$147,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Chesterfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | $19,400 | $19,400 | $19,400 | $19,400 | $19,400 |
Source: Ownwell
Property Tax Bills Across South Chesterfield, Virginia
In South Chesterfield, Dinwiddie County, VA, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local government assessors who evaluate the property's market value. Homeowners in South Chesterfield can expect their property tax bills to be influenced by factors such as the property's size, location, and any improvements made to it. The median home price in the area is $19,400, and the property tax rate is applied to this assessed value to determine the tax bill. For example, homeowners in the 25th, 75th, and 90th percentiles all see a tax bill of $153, which is consistent across these percentiles. This uniformity suggests a relatively stable property tax environment. While the national median property tax rate is 0.99%, the specific rate in South Chesterfield ensures that homeowners are contributing a fair share to local services and infrastructure, impacting their overall financial planning and homeownership costs.
Average South Chesterfield Tax Bill
$153
Average Dinwiddie County Tax Bill
$1,142
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across South Chesterfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23803 | $153 | $153 | $153 | $153 | $153 |
Source: Ownwell