Hampton Roads Dream Team

Making Dreams Come True: One Home At A Time...From Williamsburg to Virginia Beach

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Michael Freeman
Blackburn Freeman Realty
1321 Jamestown Road
Suite 101
Williamsburg, VA 23185
(757) 241-0211
Cell: (757) 241-0211


What is the difference between “Assessed Value” & “Market Value” & how does my local real estate tax rate affect the value of my property?


These are common questions that we get asked in the real estate business, so we just wanted to shed a little light on the subject that may help clear up some of the confusion.


“Assessed value” is basically the dollar value assigned to your property for the purposes of assessing taxes. 


“Market  value” is what your property will sell for on the open market.  The price at which a buyer is ready & willing to buy, and a seller is ready & willing to sell.


The two aren’t necessarily the same & sometimes aren’t even close.  The market value of your property can be higher or even lower than its assessed value. 


Real estate tax rates & assessed values are generally determined by the city or county in which the property is located.


For example, if you have a property assessed at $200,000 and let’s say the tax rate in your locality is $0.75 per $100 of assessed value:

$200,000 = Assessed Value

$200,000 / $100 = 2,000

2000 x $0.75 = $1,500

$1,500 is the amount of tax that you would owe for the year


If you currently reside, or are considering moving into the Hampton Roads area of Virginia, we’ve included a list of some of our localities, their tax rates, & contact numbers regarding property assessments & tax rate information:


City/County/Town                        Real estate tax rate                               Contact Number


Newport News                        $1.10 /$100 of assessed value                  757.926.1926

Williamsburg                          $0.54 /$100 of assessed value                   757.220.6185

York County                            $0.6975 /$100 of assessed value            757.890.3720

Virginia Beach                        $0.89 /$100 of assessed value                   757.385.4601

Hampton                                     $1.06 /$100 of assessed value                   757.727.8311

James City County                $0.77 /$100 of assessed value                   757.253.6650

Chesapeake                               $1.06 /$100 of assessed value                  757.382.6235

Norfolk                                        $1.11 /$100 of assessed value                  757.664.7838

Suffolk                                        $0.94 /$100 of assessed value                   757.514.7475

Portsmouth                               $1.36 /$100 of assessed value                   757.393.8631

Smithfield                                   $0.16 /$100 of assessed value                   757.365.4200

Isle of Wight                            $0.52 /$100 of assessed value                     757.365.6219

Poquoson                                  $0.81 /$100 of assessed value                     757.868.3080

New Kent County                 $0.93 /$100 of assessed value                     804.966.9615

Gloucester County                 $0.57 /$100 of assessed value                   804.693.2631

West Point                                 $0.70 /$100 of assessed value                     804.843.3422

Franklin                                       $0.53 /$100 of assessed value                     757.562.8547

Surry County                            $0.70 /$100 of assessed value                     757.294.5206


(The tax rates & contact numbers for the localities listed above were obtained from each locality’s website.  Please contact your locality for the most up to date information regarding its tax rates & assessments.)


If you’re interested in finding out what your property’s market value is, then contact a Real Estate Professional for a Comparative Market Analysis (CMA) on your property.

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