VA Property Tax Car Calculator – Instantly Estimate Virginia Vehicle Property Tax

VA Property Tax Car Calculator Homeowners in the state of Virginia pay property tax rates that are well below the national average of 0.90%. In fact, the state's average effective property tax rate is just 0.76%, which falls in the bottom half of the nation. Home values are quite high in Virginia, though, so homeowners here often pay annual property tax bills that are much more in line with national averages.

 In parts of Virginia, such as Alexandria City and Fairfax County, median home values surpass $600,000, and median annual property taxes exceed $6,000. Eager to move? Or perhaps you’re simply looking to refinance your current mortgage? Before making a decision, take a look at our Virginia mortgage guide, which contains everything you need to know about getting a mortgage and mortgage rates throughout Virginia.

How Virginia’s Property Taxes Work

Property taxes in Virginia are calculated by multiplying a home’s assessed value by its total property tax rate. Assessed value is determined by local assessors on regular two- to six-year cycles. By state law, cities are required to reassess every two years and counties every four years. Smaller cities and counties (less than 30,000 and 50,000 people, respectively) can vote to reassess every four, five, or six years.

Reassessment is important to determine the fair market value of a property. VA Property Tax Car Calculator This is the price the property would sell for on the open market. An inaccurate assessment can mean years of excess taxes, so homeowners must read their assessment notice. A homeowner who disagrees with their valuation can talk to their local board of assessment or file an official appeal with the Board of Equalization and Assessment Review.

Since properties are not reassessed every year, assessed values typically diverge from market values over time. Interestingly, every year, Virginia has been putting together a study concerning the sales ratios to not only influence a suggested ratio of market versus assessed value but also provide insight, informed by scientific observation, about some of these ratios to County tax assessors

Virginia Property Tax Rates

Local governments such as towns, cities, and special districts levy property tax rates in Virginia. VA Property Tax Car Calculator They are calculated per $100 of assessed value.

The table below shows the average effective tax rate (annual taxes paid as a percentage of home value) for every county and independent city in Virginia. It also shows the median home value and median annual property tax for each.

Fairfax County

Located southwest of Washington, D.C., Fairfax County has some of the most expensive homes in the country. According to the U.S. Census Bureau, the county’s median home value is $666,900. 

Those high home values also mean that, while property tax rates in Fairfax County aren’t especially high, annual tax payments are. More specifically, the median annual property tax paid by homeowners in Fairfax County is $6,843, which is more than double the national median.

Virginia Beach

Situated along the Atlantic Ocean in the southeast corner of the state, VA Property Tax Car Calculator, Virginia Beach has property tax rates slightly higher than the state average. The city’s average effective property tax rate is 0.82%. If you buy a home there, you can expect to pay a property tax bill of around $2,820 a year.

If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Virginia Beach can help you out.

Prince William County

Prince William County is a largely suburban county situated on the Potomac River, southwest of Washington, D.C. The average effective property tax in the county is 1.00%. 

Loudoun County

With a population of about 427,000, Loudoun County is the fourth-largest county or independent city in the state of Virginia. It also has some of the highest property taxes. VA Property Tax Car Calculator The median annual property tax paid by Loudoun County homeowners is $6,004, which is the third-highest amount in the state. It's also almost double the national median, which is $3,057.

Chesterfield County

Chesterfield County sits along the James River just outside of the city of Richmond. VA Property Tax Car Calculator. The county gets its name from a former British Secretary of State, the Earl of Chesterfield. The county’s average effective property tax rate is 0.82%. That rate comes in a bit above the 0.76% statewide average.

Henrico County

Henrico County has property taxes comparable to those in Chesterfield, which lies on the opposite side of the James River from the city of Richmond. County homeowners pay a median property tax of $2,304. Homes are valued at a median of $309,700.

Norfolk

Norfolk is an independent city located at the mouth of the Chesapeake Bay in southeast Virginia, near Virginia Beach. It's one of the most populous cities in Virginia. The city’s average effective property tax rate is 1.02%, among the 20 highest in Virginia.

Chesapeake

The average effective property tax rate in Chesapeake, an independent city in southeast Virginia, is 0.84%. That represents the amount a typical homeowner could expect to pay annually as a percentage of his or her home value. However, it is important to keep in mind that actual tax rates apply to assessed value, which can differ from market value.

Arlington County

The median home value in Arlington County, which is located directly across the Potomac from the nation’s capital, is $833,300. That’s among the top 20 median home values of any county in the nation. Annual property taxes are likewise quite high, as the median annual property tax paid by homeowners in Arlington County is $7,427.

Richmond

Richmond is the capital of Virginia and the place where Virginia’s property tax laws were established. It has a population of around 226,600, making it the fourth-largest city in the state. Richmond’s average effective property tax rate is 0.88%.

Conclusion

The Virginia property tax system provides essential information that helps people plan their home-buying expenses, their refinancing costs, and their yearly financial needs. The property tax rates in different areas show major differences because home values in Fairfax County, Arlington County, and Loudoun County vary so much.

The VA Property Tax Calculator enables users to calculate their Virginia vehicle and property taxes which helps them avoid unexpected costs. Homeowners and buyers who understand assessed values and local tax rates can make better decisions which help them choose locations and budget for future expenses.