South Chesterfield, Virginia Property Taxes
The median property tax rate in South Chesterfield, VA is 0.92%, slightly below the national median of 0.99% but higher than the Virginia state median of 0.89%. With the median home value in South Chesterfield at $216,100, the typical annual property tax bill amounts to $1,924, which is lower than the national median of $2,690. Property taxes in South Chesterfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of South Chesterfield'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 South Chesterfield 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
South Chesterfield, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,988
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 0.92%, slightly 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 Chesterfield County and the national median. For comparison, the zip code 23803 has the highest median property tax rate of 0.92%, while the zip code 23834 has the lowest median tax rate of 0.92%. Understanding how these areas compare with South Chesterfield provides valuable insights into the varying tax landscape across Chesterfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Chesterfield Tax Rate
0.92%
Average Chesterfield County Tax Rate
0.92%
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 | 0.91% | 0.92% | 0.92% | 0.92% | 0.93% |
| 23834 | 0.91% | 0.92% | 0.92% | 0.92% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across South Chesterfield, Virginia
In South Chesterfield, 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 Chesterfield 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 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. 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 South Chesterfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,082 in the 23834 zip code, while the lowest is $1,843 in the 23803 zip code.
Property Tax Assessment Values Across South Chesterfield, Virginia
Source: Ownwell
$2,400
$260,200
$518,000
Average South Chesterfield Assessed Value
$216,100
Average Chesterfield County Assessed Value
$304,500
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 | $37,230 | $148,000 | $205,500 | $264,000 | $354,610 |
| 23834 | $65,200 | $185,000 | $239,300 | $322,100 | $395,900 |
Source: Ownwell
Property Tax Bills Across South Chesterfield, Virginia
In South Chesterfield, Chesterfield County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $216,100, homeowners can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill is around $1,244, while the 75th percentile tax bill reaches approximately $2,589. At the higher end, the 90th percentile tax bill can be as much as $3,354. Comparatively, the highest median tax bill in the region is $2,082 in the 23834 zip code, while the lowest is $1,843 in the 23803 zip code. These figures highlight the variation in tax burdens across different areas, impacting homeowners' financial planning and budgeting.
Average South Chesterfield Tax Bill
$1,924
Average Chesterfield County Tax Bill
$2,742
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 | $87 | $1,149 | $1,843 | $2,358 | $3,178 |
| 23834 | $60 | $1,535 | $2,082 | $2,861 | $3,542 |
Source: Ownwell