Chesapeake County, Virginia Property Taxes
The median property tax rate in Chesapeake is 0.92%, which is slightly lower than the national median of 0.99% but higher than the Virginia state median of 0.89%. With the median home value in Chesapeake at $339,200, the typical annual property tax bill amounts to $3,086, surpassing the national median of $2,690. Property taxes in Chesapeake are calculated based on the assessed value, which is usually lower than the actual market value due to various property tax exemptions such as those for primary residences and agricultural properties. Understanding Chesapeake's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to significant annual savings. Whether you live in Chesapeake or another part of the county, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chesapeake County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$3,121
$2,896
Ownwell’s Chesapeake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Chesapeake with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Chesapeake to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Chesapeake County, Virginia
Property taxes in Chesapeake play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Chesapeake is 0.92%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Chesapeake set these rates annually, and they can vary significantly between different areas within the county. Each year, Chesapeake estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Virginia Beach has one of the higher property tax rates in Virginia at 0.96%, while the city of Chesapeake boasts one of the lowest at 0.92%. Analyzing how Chesapeake's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Chesapeake County Tax Rate
0.92%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chesapeake County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Chesapeake | 0.86% | 0.89% | 0.92% | 0.95% | 0.97% |
| Virginia Beach | 0.95% | 0.95% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Chesapeake County, Virginia
In Chesapeake, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Chesapeake Appraisal District. The assessed value, however, 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 Chesapeake are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Chesapeake, the highest median tax bill is found in Virginia Beach at $3,811, while the lowest is in Chesapeake itself at $3,086. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Chesapeake County, Virginia
Source: Ownwell
$211,600
$324,550
$437,500
Average Chesapeake County Assessed Value
$339,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chesapeake County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Chesapeake | $195,400 | $245,800 | $339,200 | $449,600 | $563,400 |
| Virginia Beach | $369,460 | $388,850 | $399,700 | $411,350 | $419,100 |
Source: Ownwell
Property Tax Bills Across Chesapeake County, Virginia
In Chesapeake, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Factors such as location, size, and condition of the property are considered in this assessment. Homeowners in Chesapeake, where the median home price is $339,200, can expect their tax bills to vary significantly. The county's property tax bills range widely, with the 25th percentile at $2,189 and the 75th percentile at $4,141. At the 90th percentile, tax bills can reach as high as $5,165. Comparatively, the median property tax rate nationally is 0.99%, but Chesapeake's property tax bills can be higher depending on the assessed value and specific circumstances of the property. For instance, Virginia Beach has the highest median tax bill in the region at $3,811, while Chesapeake has a slightly lower median tax bill at $3,086. This variation can significantly impact homeowners' annual expenses.
Average Chesapeake County Tax Bill
$3,086
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Chesapeake County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Chesapeake | $1,680 | $2,189 | $3,086 | $4,141 | $5,165 |
| Virginia Beach | $3,528 | $3,696 | $3,811 | $3,930 | $4,001 |
Source: Ownwell