Portsmouth County, Virginia Property Taxes
The median property tax rate in Portsmouth 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 Portsmouth, the typical annual property tax bill reaches $2,610, which is slightly below the national median of $2,690. Property taxes in Portsmouth 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 Portsmouth's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Portsmouth 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
Portsmouth County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$2,608
$2,420
Ownwell’s Portsmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portsmouth with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Portsmouth 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 Portsmouth County, Virginia
Property taxes in Portsmouth play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Portsmouth is 1.25%, which is higher than the U.S. national median of 0.99%. Local government entities within Portsmouth set these rates annually, and they can vary significantly between different areas within the county. Each year, Portsmouth 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 Portsmouth has one of the higher property tax rates in Virginia at 1.25%. Analyzing how Portsmouth's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Portsmouth County Tax Rate
1.25%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portsmouth County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Portsmouth | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Portsmouth County, Virginia
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Portsmouth, VA. 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 Portsmouth 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 Portsmouth 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. Being aware of these valuation processes in Portsmouth will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. Portsmouth has the highest and lowest median tax bill at $2610.
Property Tax Assessment Values Across Portsmouth County, Virginia
Source: Ownwell
$176,460
$218,575
$260,690
Average Portsmouth County Assessed Value
$208,665
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Portsmouth County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Portsmouth | $126,941 | $164,708 | $208,665 | $266,245 | $319,373 |
Source: Ownwell
Property Tax Bills Across Portsmouth County, Virginia
In Portsmouth, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor's office, which evaluates the property's market value and then applies an assessment ratio. Homeowners in Portsmouth can expect their property tax bills to vary significantly, with the 25th percentile at $2,061 and the 75th percentile at $3,330. This means that most homeowners will pay somewhere within this range, depending on the specific assessed value of their property. The median home price in Portsmouth is $208,665, which is relatively affordable compared to many other regions. However, the property tax rate in Portsmouth is higher than the national median property tax rate of 0.99%. This higher rate results in higher tax bills, which can impact homeowners' overall housing costs. For those at the 90th percentile, tax bills can reach up to $3,992. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax expenses.
Average Portsmouth County Tax Bill
$2,610
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Portsmouth County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Portsmouth | $1,574 | $2,061 | $2,610 | $3,330 | $3,992 |
Source: Ownwell