Virginia Real Estate Taxes – Your Quick Guide

If you own a home or are thinking about buying in Virginia, you’ll hear a lot about property taxes. They’re not a mystery, but they do have a few moving parts. Below we break down how the tax is calculated, what rates you’ll see, and easy ways to keep the bill from blowing up.

How Virginia Assesses Property Value

First, the local assessor figures out the market value of your property. This is called the "assessment value" and it’s usually a percentage of what the house would sell for today. Most counties use about 100% of market value, but some may apply a lower factor.

Every year the assessor sends you a notice with the new value. It’s a good idea to check that number against recent sales in your neighborhood. If you think it’s too high, you can file a protest within 30 days. The process is simple: fill out a form, attach evidence like comparable sales, and attend a short hearing.

Once the assessment is set, the tax rate (called the "millage rate") comes into play. Virginia’s rates are expressed in dollars per $100 of assessed value. For example, if the rate is $0.78 per $100 and your home is assessed at $250,000, the tax would be $1,950 for the year.

Ways to Reduce Your Tax Bill

Virginia offers several exemptions that can shave off a chunk of your tax. The most common is the Homestead Exemption, which subtracts $25,000 from the assessed value for owner‑occupied homes. If you’re a senior, veteran, or disabled, you might qualify for additional reductions.

Another tip is to keep an eye on local improvements. New sidewalks, streetlights, or sewer upgrades can raise your assessment. If you think an improvement was counted incorrectly, ask the assessor for a review.

Some counties also offer a "tax deferment" program for seniors who meet income limits. This lets you postpone paying the tax until you sell the property or pass away, though interest may accrue.

Finally, always pay on time. Virginia imposes a 10% penalty if you miss the deadline, and interest keeps adding up daily. Most counties let you pay online, by mail, or at a local office.

Bottom line: understand your assessment, know the exemptions you qualify for, and stay on top of deadlines. A little effort each year can save you hundreds, sometimes thousands, of dollars.

Got more questions? Check your county’s website for the latest rates and forms, or call the assessor’s office. They’re used to answering homeowners’ queries and can guide you through the protest or exemption process.

With the right knowledge, Virginia real estate taxes become a manageable part of homeownership rather than a surprise each April.