South Chesterfield, Virginia Property Taxes
The median property tax rate in South Chesterfield, VA is 1.20%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in South Chesterfield at $222,900, the typical annual property tax bill reaches $2,675, nearing the national median of $2,690. Property taxes in South Chesterfield 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 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
1.2%
Estimate Property Tax Bill
$2,675
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 1.20%, which is notably higher than both the Virginia state median and 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 counties in Virginia and the national median. For comparison, the zip code 23834 has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these areas compare with South Chesterfield provides valuable insights into the varying tax landscape across Colonial Heights, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Chesterfield Tax Rate
1.20%
Average Colonial Heights County Tax Rate
1.20%
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 |
|---|---|---|---|---|---|
| 23834 | 0.96% | 1.20% | 1.20% | 1.20% | 1.20% |
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 local 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. The median home price in the area is $222,900, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,999, while the 75th percentile tax bill is $3,643. The highest median tax bill is found in zip code 23834, amounting to $2,675. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Chesterfield, Virginia
Source: Ownwell
$174,700
$198,800
$222,900
Average South Chesterfield Assessed Value
$222,900
Average Colonial Heights County Assessed Value
$174,900
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 |
|---|---|---|---|---|---|
| 23834 | $165,920 | $188,600 | $222,900 | $303,600 | $402,000 |
Source: Ownwell
Property Tax Bills Across South Chesterfield, Virginia
In South Chesterfield, Colonial Heights, VA, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. Homeowners in South Chesterfield experience a range of property tax bills. For example, those in the 25th percentile pay around $1,999, while those in the 75th percentile pay approximately $3,643. The top 10% of homeowners face tax bills as high as $5,540. Factors influencing these amounts include the home's assessed value, local tax rates, and any applicable exemptions. The median home price in the area is $222,900, which provides a benchmark for understanding these tax bills. Compared to the national median property tax rate of 0.99%, South Chesterfield's property tax bills can significantly impact a homeowner's annual expenses, underscoring the importance of accurate assessments and potential appeals to manage costs effectively.
Average South Chesterfield Tax Bill
$2,675
Average Colonial Heights County Tax Bill
$2,075
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 |
|---|---|---|---|---|---|
| 23834 | $1,264 | $1,999 | $2,675 | $3,643 | $5,540 |
Source: Ownwell