Virginia Beach Real Estate Tax Assessment: Know Your Numbers

Understanding Your Property's Assessment

Every four years, Virginia Beach assesses the value of all real property within the city. This assessment determines the amount of real estate taxes you will owe.

How is My Property Assessed?

The city's assessor uses a variety of factors to determine the value of your property, including:

• Sales of comparable properties: The assessor compares the sale prices of similar properties in your neighborhood to estimate the value of your home.
• Building costs: The assessor considers the cost of building a new home of similar size and quality to yours.
• Site value: The assessor evaluates the value of the land your home is built on, taking into account its location, size, and shape.

Tax Rates and Exemptions

Virginia Beach's real estate tax rate is $1.25 per $100 of assessed value. However, there are a number of exemptions that can reduce your tax bill, including:

• Homestead exemption: This exemption reduces the assessed value of your primary residence by $40,000 for local taxes and $25,000 for state taxes.
• Senior citizen exemption: This exemption reduces the assessed value of your primary residence by an additional $60,000 if you are 65 years of age or older and have lived in Virginia for at least 10 years.
• Disabled veteran exemption: This exemption reduces the assessed value of your primary residence by $100,000 if you are a disabled veteran.

How to Appeal Your Assessment

If you believe your property has been assessed unfairly, you can appeal the assessment to the Board of Equalization. The board is made up of five members who are appointed by the city council.

To appeal your assessment, you must file a petition with the board within 90 days of receiving your assessment notice. The petition must state the reason for your appeal and provide supporting documentation.

Tips for Reducing Your Tax Bill

Here are a few tips to help you reduce your real estate tax bill:

• Apply for exemptions. Make sure you are taking advantage of all the exemptions you are eligible for.
• Appeal your assessment. If you believe your property has been assessed unfairly, don't hesitate to appeal the assessment.
• Make improvements to your property. Making improvements to your property can increase its value, but it can also increase your taxes. Weigh the benefits of making improvements against the cost of the additional taxes.
• Consider a tax deferral program. If you are a senior citizen or disabled veteran, you may be eligible for a tax deferral program. This program allows you to defer paying your property taxes until you sell your home or die.

Why Virginia Beach Real Estate Tax Assessment Matters

Virginia Beach real estate tax assessment matters because it determines the amount of property taxes you will owe. Property taxes are a significant expense for many homeowners, so it is important to understand how your property is assessed and how you can reduce your tax bill.

How Virginia Beach Real Estate Tax Assessment Benefits Homeowners

Virginia Beach real estate tax assessment benefits homeowners by providing them with a way to ensure that they are paying their fair share of property taxes. The assessment process is designed to be fair and equitable, and it takes into account a variety of factors to determine the value of your property.

Comparing Virginia Beach Real Estate Tax Assessment to Other Cities

Virginia Beach's real estate tax rate is comparable to the rates in other cities in the Hampton Roads area. However, the city's homestead exemption is one of the most generous in the region. This exemption can save homeowners a significant amount of money on their property taxes.

Pros and Cons of Virginia Beach Real Estate Tax Assessment

Pros:

• The assessment process is fair and equitable.
• The city offers a generous homestead exemption.
• Homeowners can appeal their assessments if they believe they are unfair.

Cons:

• Property taxes can be a significant expense for homeowners.
• The assessment process can be complex and confusing.
• Homeowners may have to pay additional taxes if they make improvements to their property.

Tables

Table 1: Virginia Beach Real Estate Tax Rates

Table 2: Virginia Beach Homestead Exemption

Table 3: Virginia Beach Senior Citizen Exemption

Table 4: Virginia Beach Disabled Veteran Exemption