Portsmouth, Portsmouth County, Virginia Property Taxes

Name: Property Tax Bills Across Portsmouth, Portsmouth County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Portsmouth, VA effective property tax rate: 1.25%, significantly higher than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median Portsmouth, VA home value: $208,665
Median annual Portsmouth, VA tax bill: $2,610, $210 higher than the national median property tax bill of $2,400.

How are property taxes in Portsmouth calculated?

Property taxes in Portsmouth, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Portsmouth’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Portsmouth, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Portsmouth, Portsmouth County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.25%

Estimate Property Tax Bill

$2,608

$2,420

Ownwell’s Portsmouth Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Portsmouth with just two data points. By entering your property's estimated assessed value, our calculator applies Portsmouth’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Portsmouth. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Portsmouth, Portsmouth County, Virginia

Local government entities set tax rates, which can vary widely within a state. This variation stems from each county's annual budget estimation process. By dividing the required budget by the total value of all taxable property within its jurisdiction, a property tax rate is determined. While the process involves votes and laws, this is the essence of how annual tax rates are set.

In Portsmouth, the effective property tax rate is 1.25%, which is higher than the national median of 1.02%. This rate is consistent across the region, as seen in the uniformity of rates in zip code 23701. Compared to other cities in Virginia, Portsmouth's rate reflects the specific fiscal needs and property values of the area. When you consider the national median property tax bill of $2,400, Portsmouth's rate suggests a relatively higher tax burden for homeowners. Understanding these dynamics can help property owners anticipate potential tax liabilities and navigate their financial planning accordingly.

Property Tax Rates Across Portsmouth, Portsmouth County, Virginia

Source: Ownwell

1.25%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Portsmouth Tax Rate

1.25%

Median Effective Portsmouth County Tax Rate

1.25%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Portsmouth, Portsmouth County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
23701	1.25%	1.25%	1.25%	1.25%	1.25%
23702	1.25%	1.25%	1.25%	1.25%	1.25%
23703	1.25%	1.25%	1.25%	1.25%	1.25%
23704	1.25%	1.25%	1.25%	1.25%	1.25%
23707	1.25%	1.25%	1.25%	1.25%	1.25%

Source: Ownwell

Property Tax Assessment Values Across Portsmouth, Portsmouth County, Virginia

When examining property taxes in Portsmouth, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Portsmouth County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Portsmouth County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Portsmouth. For example, the median home price in Portsmouth is $208,665, with tax bills ranging significantly across the county. Zip code 23703 has the highest median home price at $260,690.

Property Tax Assessment Values Across Portsmouth, Portsmouth County, Virginia

Source: Ownwell

$176,460

$218,575

$260,690

Median Portsmouth Market Value

$208,665

Median Portsmouth County Market Value

$208,665

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Portsmouth, Portsmouth County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
23701	$149,644	$177,620	$211,640	$253,300	$306,318
23702	$136,595	$155,652	$176,460	$208,655	$265,515
23703	$145,970	$194,218	$260,690	$304,990	$360,800
23704	$63,000	$131,530	$180,880	$226,120	$284,172
23707	$120,341	$159,298	$197,795	$248,898	$301,676

Source: Ownwell

Property Tax Bills Across Portsmouth, Portsmouth County, Virginia

Property tax bills in Portsmouth, VA, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and improvements can influence the assessed value. In Portsmouth, the median home price is $208,665, with property tax bills ranging from $2,061 at the 25th percentile to $3,992 at the 90th percentile. The highest median tax bill is $3,260 in the 23703 zip code, while the lowest is $2,212 in the 23702 zip code. Compared to the national median property tax bill of $2,400, Portsmouth homeowners may experience higher tax burdens, particularly in certain areas. Ownwell assists homeowners by providing property tax appeal services, potentially lowering their assessed values and, subsequently, their tax bills. By leveraging expert knowledge and local data, Ownwell can help homeowners navigate the complexities of property tax assessments and secure savings on their annual bills.

Property Tax Bills Across Portsmouth, Portsmouth County, Virginia

Source: Ownwell

$2,212

$2,736

$3,260

Median Portsmouth Tax Bill

$2,610

Median Portsmouth County Tax Bill

$2,610

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Portsmouth, Portsmouth County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
23701	$1,878	$2,222	$2,645	$3,166	$3,829
23702	$1,751	$1,959	$2,212	$2,613	$3,328
23703	$1,825	$2,446	$3,260	$3,812	$4,510
23704	$803	$1,648	$2,260	$2,823	$3,548
23707	$1,329	$1,982	$2,466	$3,109	$3,770

Source: Ownwell