Example of Chesapeake City Property Tax Calculation
Chesapeake City's property tax calculation is based on the assessed value of the property. The local government determines the assessed value by evaluating the property's market value and applying an assessment rate (which is typically a percentage).
For example, if a property's market value is $200,000 and the assessment rate is 80%, the property's assessed value would be $160,000.
Once the assessed value is determined, the property tax rate is applied to calculate the tax owed. The tax rate varies depending on the location and jurisdiction, but for Chesapeake City, the current property tax rate is $0.945 per $100 of assessed value.
Using the previous example, if the assessed value of a property is $160,000 and the tax rate is $0.945 per $100 of assessed value, the property owner would owe $1,512 in property taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Chesapeake City Property Tax Rates
The following table showcases the Chesapeake City Property Tax rates for the year 2021:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate | $1.09 |
| Personal Property | $4.15 |
| Machinery & Tools | $4.15 |
| Mobile Homes | $1.09 |
Note: All rates are expressed in US dollars.
Who sets property tax rates in Chesapeake City ?
The property tax rates in Chesapeake City are set by the local government, specifically the City Council. This is done on an annual basis during the budget planning process. The City Council reviews the proposed budget, which includes the funding for various municipal services, and determines the necessary property tax rate to cover these expenses. The property tax rate is typically expressed as a percentage of the assessed value of a property, which is determined by the Chesapeake City Assessor's Office. Property owners can view their property assessment and tax information on the city's website or by contacting the Assessor's Office directly.
When is Chesapeake City Property Tax due ?
Chesapeake City Property Tax is typically due by September 30th of each year. However, if the due date falls on a weekend or holiday, the deadline is extended to the next business day.
There are several payment methods available for Chesapeake City Property Tax, including:
- Online payments: Residents can make payments online through the City's website using a credit or debit card.
- Mail-in payments: Payment can be made by mail using a check or money order.
- In-person payments: Residents can pay in person at the City's Treasurer's Office using cash, check, or money order.
It's important to note that late payments may result in penalties and interest fees. If you have any questions or concerns regarding your Chesapeake City Property Tax, contact the City's Treasurer's Office for assistance.
If you have more questions - contact your local tax collector.
Homestead exemptions in Chesapeake City ?
A table with columns for exemption, eligibility, amount, and notes is a great way to organize information for Chesapeake City residents looking for county-specific homestead exemptions and deductions. Here are some of the exemptions and deductions that are available in Chesapeake City, Virginia:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Basic Homestead Exemption | All home-owning residents | $24,000 of assessed value | Applies to primary residence only |
| Additional Homestead Exemption for Elderly/Disabled | Residents over 65 or with qualifying disability | Up to $20,000 of assessed value | Must apply and meet income requirements |
| Disabled Veterans Exemption | Veterans with 100% service-connected disability | Up to $10,000 of assessed value | Must provide proof of disability and honorable discharge |
| Surviving Spouse of a Service Member Killed in Action | Surviving spouse of service member who died in line of duty | Up to $0.01 of assessed value | Must provide proof of eligibility |
| Land Preservation Exemption | Landowners with qualifying acreage | Up to 85% of assessed value | Must apply and meet requirements for conservation easement |
It's important to note that these exemptions and deductions are subject to change and may require additional documentation or qualifications. Residents should always check with their local tax assessor's office for the most up-to-date information and application requirements.
How is Chesapeake City Property Tax penalty calculated ?
Chesapeake City Property Tax Penalty Calculation
When property taxes are not paid on time or in full, there is a penalty imposed on the property owner. The penalty is calculated based on the amount of outstanding taxes owed and the length of time they have been delinquent. Here is an example of how the Chesapeake City Property Tax penalty may be calculated:
Assume that John owns a property in Chesapeake City and has not paid his property taxes on time. His outstanding taxes amount to $1,000 and have been delinquent for three months. The penalty for late payment in Chesapeake City is 10% of the outstanding tax amount plus 1% interest per month. In John's case, the penalty would be calculated as follows:
- Penalty for late payment: $1,000 x 10% = $100
- Interest for 3 months: $1,000 x 1% x 3 = $30
- Total penalty: $100 + $30 = $130
Therefore, in addition to the $1,000 in outstanding taxes, John would also have to pay a penalty of $130 for late payment.
To avoid penalties, it is important to pay property taxes on time and in full. Property owners can also set up a payment plan with the local government to make timely payments and avoid penalties in the future.
We recommend contacting the Chesapeake City Tax Office or a local tax professional for the most up-to-date and accurate information.