Property Tax Norfolk VA: A Comprehensive Guide for Homeowners

Are you a homeowner in Norfolk, VA who is curious about the ins and outs of property taxes? Look no further! This in-depth guide will provide you with everything you need to know about property taxes in Norfolk, VA.

Understanding Property Taxes in Norfolk, VA

Property tax is a tax levied on the value of real estate property. In Norfolk, VA, property taxes are assessed by the city's Department of Finance. The amount of property tax you owe is determined by the following factors:

• Assessed value: This is the estimated market value of your property as determined by the city assessor.
• Tax rate: This is the percentage of the assessed value that is used to calculate your property tax bill.

The current tax rate in Norfolk, VA is $1.20 per $100 of assessed value. This means that if your property is assessed at $200,000, you will owe $2,400 in property taxes.

Property Tax Exemptions and Reductions

There are a number of exemptions and reductions available that can help lower your property tax bill. These include:

• Homestead exemption: This exemption is available to homeowners who occupy their property as their primary residence. The exemption reduces the assessed value of your property by up to $25,000.
• Senior citizen exemption: This exemption is available to homeowners who are 65 years of age or older. The exemption reduces the assessed value of your property by up to $20,000.
• Disability exemption: This exemption is available to homeowners who are permanently disabled. The exemption reduces the assessed value of your property by up to $10,000.

Deadlines and Payment Options

Property tax bills are typically mailed out in July. The due date for property taxes is September 30th. However, you can pay your property taxes in monthly installments if you prefer. To do so, you must sign up for the city's Payment Plan program.

Late Payments and Penalties

If you fail to pay your property taxes by the due date, you will be charged a late payment penalty. The penalty is 10% of the unpaid balance, plus interest. Interest is charged at the rate of 1% per month.

Property Tax Appeals

If you believe that your property has been assessed at an incorrect value, you can appeal the assessment. To do so, you must file a petition with the city's Board of Equalization. The board will review your assessment and make a decision on whether to adjust it.

Frequently Asked Questions

1. What are the tax rates for different types of property in Norfolk, VA?

The tax rates for different types of property in Norfolk, VA are as follows:

• Residential: $1.20 per $100 of assessed value
• Commercial: $1.30 per $100 of assessed value
• Industrial: $1.40 per $100 of assessed value

2. How can I find out how much property tax I owe?

You can find out how much property tax you owe by contacting the city's Department of Finance at (757) 664-4600.

3. What are the deadlines for paying property taxes in Norfolk, VA?

The deadline for paying property taxes in Norfolk, VA is September 30th. However, you can pay your property taxes in monthly installments if you prefer. To do so, you must sign up for the city's Payment Plan program.

4. What are the penalties for late payment of property taxes in Norfolk, VA?

The penalty for late payment of property taxes in Norfolk, VA is 10% of the unpaid balance, plus interest. Interest is charged at the rate of 1% per month.

5. How can I appeal my property assessment in Norfolk, VA?

To appeal your property assessment in Norfolk, VA, you must file a petition with the city's Board of Equalization. The board will review your assessment and make a decision on whether to adjust it.

6. What are some tips for reducing my property tax bill?

There are a number of things you can do to reduce your property tax bill, including:

• Applying for a homestead exemption
• Applying for a senior citizen exemption
• Applying for a disability exemption
• Appealing your property assessment

Conclusion

Property taxes are an important source of revenue for the city of Norfolk, VA. By understanding how property taxes are assessed and collected, you can ensure that you are paying your fair share. If you have any questions or concerns about your property tax bill, do not hesitate to contact the city's Department of Finance.