Virginia Property Tax

Effective Property Tax Rate

74.47%

Median Annual Tax

$2,686

Median Home Value

$360,700

Virginia Property Tax Overview

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Key Statistics (2023 ACS)

Metric	Value
Median home value (Virginia)	$360,700
Effective property tax rate (Virginia)	0.74 %
Median annual property tax (Virginia)	$2,686
National average effective tax rate	0.97 %
Virginia’s position vs. national average	23.04 % lower
Rank among states/territories (by effective rate)	22 out of 52

Source: According to the U.S. Census Bureau's American Community Survey (ACS) (5‑year estimates, 2023).

How the Virginia Property Tax Is Calculated

Assessed Value – Each locality appraises the market value of the property.
Assessment Ratio – Virginia generally assesses properties at 100 % of market value, though some jurisdictions apply a different ratio.
Tax Rate (Millage) – The local government sets a millage rate (dollars per $1,000 of assessed value).
Effective Tax Rate – When the millage rate is expressed as a percentage of the market value, it yields the effective property tax rate (0.74 % for the state overall).

Because millage rates are set at the county, city, or town level, the Virginia property tax rate can vary by county. For example, the effective rate in Fairfax County is higher than in many rural counties.

Example Tax Bills

Home Value	Approximate Annual Property Tax*
$250,000	$1,862
$500,000	$3,724

*Calculated using the statewide effective rate of 0.74 % (rounded to the nearest dollar).

These examples illustrate how the tax burden scales with property value, but the actual amount may differ based on local millage rates and any applicable exemptions.

Comparison to the National Average

Effective Rate: Virginia’s 0.74 % is 23.04 % lower than the national average of 0.97 %.
Relative Ranking: With a rank of 22nd out of 52 states and territories, Virginia’s property tax burden is below the median nationwide.

The lower effective rate means that, on average, Virginia homeowners pay less in property taxes than homeowners in many other states.

Considerations for Retirees and Landlords

Group	Potential Impact of Virginia Property Tax
Retirees	The relatively low effective tax rate can reduce the overall cost of homeownership, which may be advantageous for fixed‑income households. Virginia also offers certain exemptions (e.g., the Senior Citizen Property Tax Relief program) that can further lower the tax bill for qualifying seniors.
Landlords	Rental property owners are subject to the same assessment and tax rates as owner‑occupied homes. The modest tax rate can make Virginia an attractive location for investment properties, but landlords must still account for local millage variations and any applicable rental‑property tax assessments when estimating cash flow.

All statements are factual and based on publicly available data; they do not constitute financial advice.

Frequently Asked Questions

1. How is the Virginia property tax bill calculated?
The bill is based on the assessed market value of the property multiplied by the local millage rate. The effective tax rate (0.74 % statewide) reflects the average outcome of this calculation across all jurisdictions.

2. Are there property‑tax exemptions for seniors in Virginia?
Yes. Virginia provides a Senior Citizen Property Tax Relief program that offers a reduction in the taxable value for eligible homeowners aged 65 or older who meet income thresholds. Eligibility and benefit amounts vary by locality.

3. When are Virginia property taxes due?
Property taxes are typically billed in two installments: the first half is due by March 31, and the second half is due by September 30 of each year. Specific due dates may differ slightly by locality.

All figures reflect the most recent ACS estimates (2026) and are presented for informational purposes only.

Neighboring States