Virginia Beach County, Virginia Property Taxes
The median property tax rate in Virginia Beach is 0.99%, which aligns with the national median but is higher than the Virginia state median of 0.89%. With the median home value in Virginia Beach at $325,600, the typical annual property tax bill reaches $3,227, surpassing the national median of $2,690. Property taxes in Virginia Beach are determined based on the tax assessed value, which is often lower than the actual market value due to various property tax exemptions, such as primary residence and agricultural exemptions. Understanding Virginia Beach's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Virginia Beach 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
Virginia Beach County, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$3,223
$2,991
Ownwell’s Virginia Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virginia Beach with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Virginia Beach 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 Virginia Beach County, Virginia
Property taxes in Virginia Beach play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Virginia Beach is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Virginia Beach set these rates annually, and they can vary significantly between different areas within the county. Each year, Virginia Beach 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 Virginia Beach's effective property tax rate with other counties in Virginia and the national median. For comparison, the city of Virginia Beach has one of the higher property tax rates in the state at 0.99%, while the city of Virginia Beach also boasts one of the lowest at 0.99%. Analyzing how Virginia Beach's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Virginia Beach County Tax Rate
0.99%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Virginia Beach County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Virginia Beach | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Virginia Beach County, Virginia
In Virginia Beach, 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 Virginia Beach 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 Virginia Beach 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 Virginia Beach will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. The median property tax bill in Virginia Beach is $3,227, with the 25th percentile at $2,437 and the 75th percentile at $4,489.
Property Tax Assessment Values Across Virginia Beach County, Virginia
Source: Ownwell
$242,700
$372,900
$503,100
Average Virginia Beach County Assessed Value
$325,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Virginia Beach County, Virginia
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Virginia Beach | $190,700 | $245,800 | $325,700 | $453,100 | $672,000 |
Source: Ownwell
Property Tax Bills Across Virginia Beach County, Virginia
Property tax bills in Virginia Beach, VA, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the county's property tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. For homeowners, this means that changes in the local real estate market can directly impact their property tax bills. In Virginia Beach, the median home price is $325,600, and the property tax bill varies significantly. For instance, the tax bill at the 25th percentile is $2,437, while at the 75th percentile, it rises to $4,489, and at the 90th percentile, it can go up to $6,669. Comparatively, the national median property tax rate is 0.99%, making Virginia Beach's property tax landscape relatively higher. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Virginia Beach County Tax Bill
$3,227
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Virginia Beach County, Virginia
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Virginia Beach | $1,901 | $2,437 | $3,227 | $4,489 | $6,669 |
Source: Ownwell