Located in the Hampton Roads metropolitan area, the coastal city of Virginia Beach is Virginia’s most populous, with an estimated 448,000 residents. As of the 2010 census, the city has just over 182,000 housing units, 23 percent of which were multi-unit structures such as apartment complexes. There were about 165,000 individual households and a home ownership rate of 64 percent, just below the state average of 67 percent. The median household income was $65,000, slightly higher than the state median of about $64,000. In 2010, the city had a 7.9 percent poverty rate, considerably lower than Virginia’s overall state rate of 11.3 percent.
How Much is Real Estate Tax?
Virginia Beach has a general tax rate of $0.99 per $100 of assessed value. The median list price for a home in Virginia Beach is $275,000. Annual real estate tax on a home of that assessed value would be $2,722.50. However, the city has several Special Service Districts that pay a different tax rate. These SSDs are taxed as follows: Sandbridge at $1.05, Central Business District South at $1.44, Old Donation Creek at $1.174, Bayville Creek at $1.353, Shadowlawn at $1.1494, Chesopeian Colony at $1.2813, Harbour Point at $1.069, Gills Cove at $1.053, and Hurds Cove at $1.428 per $100 of assessed value. The higher taxes in these locations are intended to help finance special projects or improvements. To determine whether a property falls into one of these districts, you can browse the city’s data map.
How Much is Personal Property Tax?
Cars, trailers, motorcycles, and aircraft are all taxed at a rate of $4.00 per $100 of assessed value. Private boats for recreational use only are virtually untaxed, with a listed rate of “one millionth of $0.01 per $100.” However, commercial and non-recreational boats, as well as recreational vehicles such as campers, are taxed at a rate of $1.50 per $100.
How Does Virginia Beach Compare In-State?
Virginia Beach property tax is on the lower side compared to other Virginia cities, though the rates in some of their SSDs, like Bayville Creek and Hurds Cove, are higher than most areas. Virginia’s average tax rate is $0.74 per $100. However, this figure is somewhat misleading as residents in many localities have to pay both city and county property tax. Virginia Beach is an independent city, so its residents pay the city tax only. Additionally, rural areas tend to have much lower tax rates. Since they make up a large percentage of the state’s localities, they skew the data toward the lower end. Among urban locales, Alexandria’s real estate tax rate is $1.043, Chesapeake’s is $1.05, and Richmond’s is $1.20 per $100 of assessed value. Virginia Beach’s tax rate is the lowest among the Hampton Roads cities, which include Suffolk at $1.07, Norfolk at $1.15, Newport News at $1.22, Hampton at $1.24, and Portsmouth at $1.30 per $100.
How Does Virginia Beach Compare Nationally?
Overall, it’s difficult to come to a consensus on a national average for real estate tax rates, because municipalities use such widely varied methods to calculate tax burden. Some give a flat rate, while others account for median home prices. However, the national average is estimated at just below one percent, almost even with Virginia Beach’s tax rate. Virginia Beach’s tax rate is lower than most of the nation’s five largest cities, with the exception of New York City, which has an effective tax rate of $0.72, despite steep taxes in the affluent suburbs around Manhattan. As a state, Virginia has the 16th highest real estate tax burden in the nation.
Are There Tax Relief Programs?
The city of Virginia Beach offers a number of tax relief and incentive programs. All localities in the state of Virginia participate in a disabled veterans exemption program, which grants 100 percent tax relief to veterans with a permanent, total, service-connected disability as certified by the Department of Veterans’ Affairs. The city also offers tax exemption or freeze options to qualifying persons over the age of 65 or those who are completely and permanently disabled. The income limitation for the tax exemption is a maximum of $50,668, and for the tax freeze, it is $68,293. Additionally, assets besides residence may not exceed $350,000. Relief percentage is determined by an income-based sliding scale.
Buildings that are deemed energy efficient by a licensed engineer or contractor may qualify for a variable special tax rate. Homes on the Virginia Landmarks Register qualify for a reduced rate. There is also a partial exemption for rehabilitated, “historically significant” structures. These homes must be at least 50 years old and be on the Virginia Beach Historical Register. Farm properties may qualify for the city’s Land Use Assessment Program.
What Else Do I Need to Know?
Real estate taxes are paid in two installments, due on December 5th and June 5th. If you wish to appeal the assessed fair market value of your home, you can fill out an application and submit it to the Real Estate Assessor’s Office. You may also talk to an appraiser about your assessment by calling 757-385-4601.
2 Point Highlight
Virginia Beach’s tax rate is the lowest among the Hampton Roads cities.
The city also offers tax exemption or freeze options to qualifying persons over the age of 65 or those who are completely and permanently disabled.
