In Virginia, local property taxes are levied by the county, city, or town in which the property is located. The governing body of each locality sets the tax rates.
Property taxes are one of the primary sources of revenue for localities in Virginia. The tax revenue is used to fund local government services such as schools, public safety, and infrastructure.
There are 3 different factors that can affect the amount of property tax that a homeowner in Virginia will pay.
The first is the value of the home.
The tax rate is applied to the value of the property, so a more valuable home will result in a higher property tax bill.
The second is the tax rate set by the locality.
This can vary from one county to the next, or even from one town to the next. A higher tax rate will result in a higher property tax bill.
The property tax rates in Virginia vary widely depending on the locality. In Fairfax County, the tax rate is $1.13 per $100 of assessed value. In contrast, the tax rate in Accomack County is $0.52 per $100 of assessed value. The tax rates also vary depending on the type of property. For example, in Fairfax County, the tax rate on commercial property is $2.26 per $100 of assessed value, while the tax rate on residential property is $1.09 per $100 of assessed value.
The third factor is any exemptions or deductions that the homeowner may be eligible for.
For example, there may be a senior citizen exemption or a homestead deduction. These can reduce the amount of property tax that a homeowner owes.
Property taxes in Virginia can vary depending on the value of the property, the tax rate set by the locality, and any exemptions or deductions that the homeowner may be eligible for. Homeowners should be aware of these factors in order to estimate their property tax bill.