Norfolk, Virginia Property Taxes
The median property tax rate in Norfolk, VA is 1.25%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Norfolk at $248,900, the typical annual property tax bill reaches $3,116, exceeding the national median of $2,690. Property taxes in Norfolk 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 Norfolk'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 Norfolk 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
Norfolk, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$3,111
Ownwell’s Norfolk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norfolk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norfolk 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 Norfolk, Virginia
Property taxes in Norfolk, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norfolk is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Norfolk set these rates annually, and they can vary considerably across different neighborhoods. Each year, Norfolk 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. For comparison, the 23502 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these areas compare with Norfolk provides valuable insights into the varying tax landscape across Norfolk City, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norfolk Tax Rate
1.25%
Average Norfolk County Tax Rate
1.25%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norfolk, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23502 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23503 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23504 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23505 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23507 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23508 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23509 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23510 | 1.25% | 1.25% | 1.25% | 1.41% | 1.41% |
| 23513 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23517 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23518 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 23523 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Norfolk, Virginia
In Norfolk, 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 local assessment office 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 in Norfolk 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 Norfolk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Norfolk is $5,519 in the 23507 zip code, while the lowest median tax bill is $2,518 in the 23523 zip code.
Average Norfolk Assessed Value
$248,900
Average Norfolk County Assessed Value
$248,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norfolk, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23502 | $172,400 | $210,500 | $250,000 | $298,725 | $362,540 |
| 23503 | $169,600 | $202,050 | $247,800 | $315,700 | $407,100 |
| 23504 | $122,800 | $154,900 | $208,600 | $279,300 | $347,460 |
| 23505 | $161,000 | $198,900 | $268,500 | $370,625 | $549,340 |
| 23507 | $181,300 | $273,100 | $441,550 | $569,400 | $722,790 |
| 23508 | $166,800 | $232,300 | $321,400 | $421,000 | $551,500 |
| 23509 | $156,320 | $182,400 | $223,700 | $295,600 | $396,020 |
| 23510 | $196,100 | $239,800 | $292,600 | $484,900 | $630,900 |
| 23513 | $142,200 | $179,000 | $215,600 | $259,900 | $323,900 |
| 23517 | $159,740 | $202,400 | $327,400 | $449,750 | $565,260 |
| 23518 | $201,420 | $228,950 | $268,800 | $359,000 | $556,640 |
| 23523 | $124,220 | $156,475 | $201,450 | $249,400 | $308,390 |
Source: Ownwell
Property Tax Bills Across Norfolk, Virginia
Property tax bills in Norfolk, VA, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. Homeowners in Norfolk can expect their tax bills to vary significantly depending on the assessed value and the specific neighborhood they live in. For instance, the median home price in Norfolk is $248,900. Tax bills can range widely, from the 25th percentile at $2,476 to the 75th percentile at $4,131, and even up to the 90th percentile at $5,805. The highest median tax bill is found in the 23507 zip code at $5,519, while the lowest is in the 23523 zip code at $2,518. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners must consider these costs as they can significantly impact the overall affordability of owning a home in Norfolk.
Average Norfolk Tax Bill
$3,116
Average Norfolk County Tax Bill
$3,116
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Norfolk, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23502 | $2,155 | $2,631 | $3,125 | $3,734 | $4,532 |
| 23503 | $2,120 | $2,526 | $3,098 | $3,946 | $5,089 |
| 23504 | $1,535 | $1,936 | $2,608 | $3,491 | $4,343 |
| 23505 | $2,012 | $2,486 | $3,356 | $4,633 | $6,867 |
| 23507 | $2,266 | $3,414 | $5,519 | $7,118 | $9,035 |
| 23508 | $2,085 | $2,904 | $4,018 | $5,262 | $6,894 |
| 23509 | $1,954 | $2,280 | $2,796 | $3,695 | $4,950 |
| 23510 | $2,664 | $3,105 | $3,845 | $6,142 | $8,004 |
| 23513 | $1,778 | $2,238 | $2,695 | $3,249 | $4,049 |
| 23517 | $1,997 | $2,530 | $4,092 | $5,622 | $7,066 |
| 23518 | $2,518 | $2,862 | $3,360 | $4,488 | $6,958 |
| 23523 | $1,553 | $1,956 | $2,518 | $3,118 | $3,855 |
Source: Ownwell