Example of Virginia Beach City Property Tax Calculation
Virginia Beach City Property Tax is calculated based on the assessed value of a property, which is determined by the city assessor's office. The property tax rate in Virginia Beach is currently $1.04 per $100 of assessed value.
To calculate the property tax for a property in Virginia Beach, the assessed value is multiplied by the tax rate. For example, if a property has an assessed value of $200,000, the property tax would be $2,080 ($200,000 x $1.04).
It's important to note that property taxes in Virginia Beach help fund important services and infrastructure throughout the city, such as schools, parks, and public safety services.
Property owners in Virginia Beach can pay their property taxes online or through the mail, and are typically due twice per year in June and December.
If you want appeal your property tax assessment - contact your local tax assessor.
Virginia Beach City Property Tax Rates
The following table lists the Virginia Beach City Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real | $0.99 |
| Personal | $4.00 |
| Machinery | $4.00 |
The real property tax rate is $0.99 per $100 of assessed value. The personal property tax rate is $4.00 per $100 of assessed value. The machinery tax rate is also $4.00 per $100 of assessed value.
Who sets property tax rates in Virginia Beach City ?
The property tax rates in Virginia Beach City are set by a combination of local government officials and state laws. The process typically involves the following steps:
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The Virginia Beach City Council adopts a budget, which includes funding for various programs and services such as schools, public safety, and infrastructure.
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The budget also includes a proposed tax rate, which is based on the amount of revenue needed to support the budget.
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The proposed tax rate is then reviewed by the Virginia Department of Taxation to ensure compliance with state laws and regulations.
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The Virginia Beach City Council holds public hearings to allow citizens to provide feedback on the proposed tax rate.
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After considering public input, the Virginia Beach City Council votes to approve a final tax rate.
It is important to note that property tax rates can vary depending on the location and value of the property. In Virginia, property is assessed at 100% of its fair market value as determined by the local government. The tax rate is then applied to the assessed value of the property to determine the amount of taxes owed.
Overall, the property tax rate setting process in Virginia Beach City involves a combination of local and state officials working together to ensure that the tax rate is fair and in compliance with state laws.
Homestead exemptions in Virginia Beach City ?
The table below shows the Homestead exemptions and deductions available in Virginia Beach City, Virginia. These exemptions and deductions vary by county and are designed to provide tax relief for eligible homeowners.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Real Property Exemption | Must occupy property as primary residence | Up to $20,000 | Reduces assessed value of property |
| Disabled Veterans Exemption | Must be a veteran with a service-connected disability | Up to $10,000 | Applies to primary residence only |
| Elderly and Disabled Exemption | Must be 65 or older or permanently disabled | Up to $20,000 | Based on income and assessed value of property |
| Surviving Spouse Exemption | Must be a surviving spouse of a qualifying veteran or first responder | Up to $20,000 | Applies to primary residence only |
| Blind Person Exemption | Must be legally blind | Up to $5,000 | Based on income and assessed value of property |
It's important to note that these exemptions and deductions have specific eligibility requirements and may have income limitations. Homeowners should check with their local tax assessor's office for more information on how to apply for these exemptions and deductions. By taking advantage of these options, eligible homeowners in Virginia Beach City can potentially reduce their property taxes and save money.
When is Virginia Beach City Property Tax due ?
Typically, Virginia Beach City Property Tax is due on December 5th of each year, unless this date falls on a weekend or holiday, in which case the due date is the following business day.
There are several payment methods available, including:
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Online payment: Taxpayers can pay their property tax online through the city's website using a checking account, savings account, or credit/debit card.
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Mail-in payment: Taxpayers can also mail their payment to the City Treasurer's Office, along with the payment stub from their bill. The mailing address is provided on the bill.
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In-person payment: Taxpayers can make their payment in person at the City Treasurer's Office located at 2401 Courthouse Drive in Virginia Beach. They can pay using cash, check, or credit/debit card.
It is important to note that if payment is not received by the due date, a penalty and interest will be applied to the account. Taxpayers should ensure that they make their payment on time to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Virginia Beach City Property Tax penalty calculated ?
Virginia Beach City Property Tax Penalty Calculation
Property tax is a form of tax levied on properties owned by individuals or entities. Virginia Beach City, like many other cities in the United States, imposes property tax on all properties within its jurisdiction. Failure to pay property taxes on time results in a penalty.
The penalty for late payment of Virginia Beach City property tax is calculated as follows:
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The penalty is set at 10% of the unpaid tax amount, which is added to the original tax amount.
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Interest is then added at a rate of 10% per annum on the total amount (original tax + penalty) from the due date of the tax until the date of payment.
For example, if John owns a property in Virginia Beach and his property tax bill is $2,000, and he fails to pay the tax by the due date, the penalty will be calculated as follows:
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Penalty = 10% of $2,000 = $200
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Total amount due = Original tax amount ($2,000) + penalty ($200) = $2,200
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Interest = $2,200 x 10% per annum = $220 per year.
If John pays the tax 30 days after the due date, the interest charged will be $18.33 ($220/12 months x 1 month), making the total amount due $2,418.33 ($2,000 + $200 penalty + $18.33 interest).
It is important to note that the penalty and interest rates are subject to change each year, and it is the responsibility of the property owner to be aware of these changes and make timely payments. Property owners can use the Virginia Beach City Treasurer's online portal to view and pay their property tax bills.
We recommend contacting the Virginia Beach City Tax Office or a local tax professional for the most up-to-date and accurate information.