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.