Suffolk, Virginia Property Taxes
The median property tax rate in Suffolk, VA is 0.71%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $55,600 in Suffolk, the typical annual property tax bill amounts to $395, which is significantly less than the national median of $2,690. Property taxes in Suffolk 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 Suffolk'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 Suffolk or another part of the city, grasping 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
0.71%
Estimate Property Tax Bill
$395
Ownwell’s Suffolk Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Suffolk with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Suffolk to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Suffolk, Virginia
Property taxes in Suffolk, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Suffolk is 0.71%, lower 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 23434 zip code has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these zip codes compare with Suffolk provides valuable insights into the varying tax landscape across Isle of Wight, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Suffolk Tax Rate
0.71%
Average Isle Of Wight County Tax Rate
0.72%
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 |
|---|---|---|---|---|---|
| 23434 | 0.35% | 0.71% | 0.71% | 0.72% | 0.78% |
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 Isle of Wight 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. 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. The median home price in Suffolk is $55,600, with the 25th percentile tax bill at $198 and the 75th percentile at $420. Interestingly, the zip code 23434 has both the highest and lowest median tax bill at $395.
Average Suffolk Assessed Value
$55,600
Average Isle Of Wight County Assessed Value
$278,300
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 |
|---|---|---|---|---|---|
| 23434 | $20,660 | $51,500 | $55,600 | $156,100 | $169,780 |
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 assessors. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual property tax bill. For Suffolk, the assessed value of homes can vary significantly, influencing the final tax amount. Several factors contribute to the assessed value, including the size, location, and condition of the property, as well as recent sales of comparable homes in the area. For instance, the median home price in Suffolk is $55,600, which serves as a baseline for calculating taxes. Homeowners in the 25th percentile can expect a tax bill around $198, while those in the 75th percentile might see a bill closer to $420. At the 90th percentile, the tax bill can reach up to $833. These variations highlight how different factors can significantly impact the property tax burden on homeowners in Suffolk.
Average Suffolk Tax Bill
$395
Average Isle Of Wight County Tax Bill
$1,948
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 |
|---|---|---|---|---|---|
| 23434 | $80 | $198 | $395 | $420 | $833 |
Source: Ownwell