Norfolk County, Virginia Property Taxes
The median property tax rate in Norfolk is 1.25%, which is significantly 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 generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Norfolk's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in the city of Norfolk 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
Norfolk County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$3,111
$2,887
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. Enter your property's estimated assessed value, and our 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’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 Norfolk County, Virginia
Property taxes in Norfolk play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Norfolk is 1.25%, which is higher than the U.S. national median of 0.99%. Local government entities within Norfolk set these rates annually, and they can vary significantly between different areas within the county. Each year, Norfolk 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 Norfolk has one of the higher property tax rates in Virginia at 1.25%. Analyzing how Norfolk's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Norfolk County Tax Rate
1.25%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Norfolk County, Virginia
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Norfolk. 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 Norfolk 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 Norfolk 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. Norfolk's median home price is $248,900, with tax bills ranging from $2,476 at the 25th percentile to $5,805 at the 90th percentile. 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 Norfolk County, Virginia
Source: Ownwell
$201,450
$321,500
$441,550
Average Norfolk County Assessed Value
$248,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Bills Across Norfolk County, Virginia
In Norfolk County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, Norfolk County homeowners with properties valued at the median home price of $248,900 can expect tax bills that vary significantly. The tax bill at the 25th percentile is approximately $2,476, while at the 75th percentile, it rises to $4,131. At the 90th percentile, the tax bill can reach up to $5,805. These tax bills can impact homeowners by affecting their overall housing costs and potentially influencing their decisions on buying, selling, or renovating properties. Compared to the national median property tax rate of 0.99%, Norfolk County's property tax rates and resulting bills highlight the importance of understanding local tax dynamics for effective financial planning.
Average Norfolk County Tax Bill
$3,116
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690