Example of Chesterfield County Property Tax Calculation
In Chesterfield County, property taxes are calculated by multiplying the property's assessed value by the county's tax rate. For example, if a property is assessed at $100,000 and the tax rate is 1%, the property tax would be $1,000.
To determine the assessed value of a property, the county's assessor's office will evaluate the property's market value, taking into account factors such as location, size, and condition.
It's important to note that property tax rates can vary between different areas and types of properties within Chesterfield County. Homeowners may also be eligible for certain exemptions or deductions that could lower their property tax bill.
Overall, understanding the property tax calculation process can help homeowners anticipate their tax liability and budget accordingly.
If you want appeal your property tax assessment - contact your local tax assessor.
Chesterfield County Property Tax Rates
The tax advisor has listed the Chesterfield County Property Tax rates in a formatted table below. All rates are based on a rate per $100 of assessed property value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $0.95 |
| Public Schools | $1.11 |
| Special Benefits Districts | Varies by District |
| Fire & EMS | $0.07 |
| Library | $0.07 |
| Capital Improvement Plan | $0.12 |
It is important for property owners to be aware of their tax rates in order to properly budget for their yearly property tax payments.
Who sets property tax rates in Chesterfield County ?
In Chesterfield County, property tax rates are set by the Board of Supervisors. They typically set the rates annually during their budget-setting process, which typically takes place around April or May. The rates are based on the county's revenue needs and the assessed value of the property. Property owners in Chesterfield County can find their current tax rates and assessment information on the county's website.
Homestead exemptions in Chesterfield County ?
In Chesterfield County, Virginia, there are several Homestead exemptions and deductions that can benefit homeowners. To help you navigate these, we've created a table with four columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Any homeowner who occupies their home as their primary residence on January 1st of the tax year. | Up to $4,000 off the assessed value of the home. | Must apply by April 1st of the tax year. |
| Elderly or Disabled Exemption | Homeowners over the age of 65 or who are permanently disabled and meet certain income requirements. | Up to $12,000 off the assessed value of the home. | Must apply by April 1st of the tax year. |
| Disabled Veterans Exemption | Veterans with a 100% service-connected disability as determined by the U.S. Department of Veterans Affairs. | Up to $10,000 off the assessed value of the home. | Must apply by April 1st of the tax year. |
| Surviving Spouse of a Disabled Veteran Exemption | Surviving spouses of veterans who were eligible for the Disabled Veterans Exemption at the time of their death. | Up to $10,000 off the assessed value of the home. | Must apply by April 1st of the tax year. |
| Surviving Spouse of a Law Enforcement Officer, Firefighter, or Emergency Medical Technician killed in the line of duty | Surviving spouses of first responders who died in the line of duty. | 100% exemption of the assessed value of the home. | Must have been married to the first responder at the time of their death and occupy the home as their primary residence. |
| Solar Energy Equipment Exemption | Homeowners who install solar energy equipment on their property. | 100% exemption of the assessed value of the equipment. | Must apply by February 15th of the tax year. |
It's important to note that these exemptions and deductions are specific to Chesterfield County, Virginia, and may not apply to other areas. If you're unsure about your eligibility or how to apply, it's best to contact the county's tax assessor's office for assistance.
Overall, these exemptions and deductions can help homeowners in Chesterfield County save money on their property taxes. By taking advantage of them, you can keep more money in your pocket and enjoy the benefits of homeownership.
When is Chesterfield County Property Tax due ?
Chesterfield County Property Tax Due Date and Payment Methods
When it comes to property taxes in Chesterfield County, Virginia, taxpayers should take note of the following information:
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Property taxes are due on December 5th of each year.
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However, taxpayers have the option to pay in two installments, with the first installment due on June 5th and the second installment due on December 5th.
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Payments can be made in person, by mail, or online.
Here are the details on each payment method:
| Method | How to Pay | Notes |
|---|---|---|
| In Person | Pay at the Chesterfield County Treasurer's Office at the Lane B. Ramsey Administration Building, 9901 Lori Road, Chesterfield, VA 23832. | Office hours are 8:30 a.m. to 5 p.m. Monday through Friday. |
| By Mail | Send a check or money order to Chesterfield County Treasurer, P.O. Box 2769, Chesterfield, VA 23832. | Be sure to include the tax bill and write the account number on the check or money order. |
| Online | Pay online at www.chesterfield.gov/treasury. | A convenience fee will be charged for this service. |
It's important to note that failure to pay property taxes on time can result in penalties and interest charges. Therefore, it's recommended that taxpayers mark their calendars and make timely payments.
If you have more questions - contact your local tax collector.
How is Chesterfield County Property Tax penalty calculated ?
Chesterfield County in Virginia charges property tax on all real estate properties within its jurisdiction. Property taxes need to be paid by the due date to avoid any penalty charges. If a taxpayer fails to pay the property tax by the due date, a penalty is charged for the delay.
The penalty for late payment of Chesterfield County property tax is calculated based on the following formula:
Penalty = (Tax Amount x Rate x Number of Months Past Due) / 12
Where:
Tax Amountis the amount of tax due.Rateis the interest rate set by the county.Number of Months Past Dueis the number of full months between the original due date and the payment date.
For example, suppose a taxpayer has a property in Chesterfield County with a tax bill of $4,000 due on January 1st. If the taxpayer fails to pay the tax bill by the due date and pays it on March 31st, the number of months past due is two (January and February).
Assuming the county has set the interest rate at 10%, the penalty would be calculated as follows:
Penalty = (4,000 x 0.10 x 2) / 12 = $66.67
Therefore, the taxpayer would owe $4,066.67 as the total amount due ($4,000 for the tax amount and $66.67 for the penalty). It's essential to remember that the penalty increases as the number of months past due increases, so it's always advisable to pay property taxes on time to avoid such charges.
We recommend contacting the Chesterfield County Tax Office or a local tax professional for the most up-to-date and accurate information.