Chesapeake, Virginia Property Taxes
The median property tax rate in Chesapeake, 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 $339,200, the typical annual property tax bill in Chesapeake reaches $3,086, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Chesapeake's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Chesapeake 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
Chesapeake, 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 estimate their annual property taxes in Chesapeake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chesapeake 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 Chesapeake, Virginia
Property taxes in Chesapeake, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chesapeake is 0.92%, slightly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Chesapeake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chesapeake 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 Chesapeake's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23325 zip code has the highest median property tax rate of 0.93%, while the 23324 zip code has the lowest median tax rate of 0.91%. Understanding how these areas compare with Chesapeake provides valuable insights into the varying tax landscape across Chesapeake, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chesapeake Tax Rate
0.92%
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, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23320 | 0.85% | 0.89% | 0.91% | 0.94% | 0.96% |
| 23321 | 0.85% | 0.90% | 0.92% | 0.95% | 0.99% |
| 23322 | 0.87% | 0.90% | 0.92% | 0.94% | 0.97% |
| 23323 | 0.87% | 0.90% | 0.93% | 0.95% | 0.96% |
| 23324 | 0.84% | 0.88% | 0.91% | 0.93% | 0.96% |
| 23325 | 0.86% | 0.88% | 0.93% | 0.94% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Chesapeake, Virginia
In Chesapeake, 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 authorities 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 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. For instance, the highest median tax bill in Chesapeake is $4,025 in the 23322 zip code, while the lowest median tax bill is $1,894 in the 23324 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chesapeake Assessed Value
$339,200
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, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23320 | $192,700 | $231,400 | $313,150 | $414,300 | $544,100 |
| 23321 | $190,080 | $253,900 | $322,900 | $422,100 | $513,160 |
| 23322 | $279,860 | $363,700 | $437,500 | $543,300 | $647,000 |
| 23323 | $223,700 | $267,100 | $351,000 | $453,100 | $541,320 |
| 23324 | $148,290 | $176,000 | $211,600 | $255,200 | $304,020 |
| 23325 | $181,770 | $206,075 | $247,700 | $307,925 | $362,830 |
Source: Ownwell
Property Tax Bills Across Chesapeake, Virginia
In Chesapeake, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Various factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Chesapeake can expect a wide range of property tax bills, with the 25th percentile at $2,189 and the 75th percentile reaching $4,141. The highest median tax bill in the city is $4,025, found in the 23322 zip code, while the lowest median tax bill is $1,894 in the 23324 zip code. These variations highlight the impact of property values and neighborhood characteristics on tax obligations. Compared to the national median property tax rate of 0.99%, Chesapeake's tax bills reflect the city's unique real estate market, affecting homeowners' financial planning and overall housing costs.
Average Chesapeake Tax Bill
$3,086
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, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23320 | $1,694 | $2,042 | $2,862 | $3,810 | $4,920 |
| 23321 | $1,623 | $2,269 | $2,978 | $3,927 | $4,743 |
| 23322 | $2,372 | $3,304 | $4,025 | $4,935 | $5,887 |
| 23323 | $1,931 | $2,407 | $3,201 | $4,185 | $5,016 |
| 23324 | $1,216 | $1,525 | $1,894 | $2,305 | $2,801 |
| 23325 | $1,536 | $1,807 | $2,260 | $2,868 | $3,387 |
Source: Ownwell