Suffolk County, Virginia Property Taxes
The median property tax rate in Suffolk is 1.18%, 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 Suffolk, the typical annual property tax bill reaches $3,542, exceeding the national median of $2,690. Property taxes in Suffolk 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 Suffolk's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Suffolk 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
Suffolk County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$3,749
$3,479
Ownwell’s Suffolk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Suffolk with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Suffolk 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 Suffolk County, Virginia
Property taxes in Suffolk play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Suffolk is 1.18%, which is higher than the U.S. national median of 0.99%. Local government entities within Suffolk set these rates annually, and they can vary significantly between different areas within the county. Each year, Suffolk 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. The following data compares Suffolk's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Suffolk has one of the higher property tax rates in Virginia at 1.18%, while the national median is lower at 0.99%. Analyzing how Suffolk's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Suffolk County Tax Rate
1.18%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Suffolk County, Virginia
In Suffolk, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. 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 Suffolk 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 Suffolk 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. Suffolk's median home price is $317,700, with tax bills ranging from $2,328 at the 25th percentile to $5,830 at the 90th percentile. Being aware of these valuation processes in Suffolk will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Suffolk County, Virginia
Source: Ownwell
$271,950
$367,175
$462,400
Average Suffolk County Assessed Value
$317,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Bills Across Suffolk County, Virginia
In Suffolk County, VA, property tax bills are calculated based on the assessed value of a property, which is determined by local government assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Suffolk County is $317,700, and homeowners can expect varying tax bills depending on the value of their property. For instance, tax bills in the 25th percentile are around $2,328, while those in the 75th percentile reach approximately $4,712. At the higher end, the 90th percentile tax bill is about $5,830. Compared to the national median property tax rate of 0.99%, Suffolk County's property tax rate results in a median tax bill of $3,542. This rate can significantly impact homeowners, especially those with higher-valued properties, leading to substantial annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Suffolk County Tax Bill
$3,542
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690