Property taxes in Virginia are a primary source of revenue for local governments and fund services such as public schools, law enforcement, fire protection, libraries, and infrastructure. The system is locally administered, with counties, cities, and towns responsible for assessments, billing, and collections, while the state provides legal guidance and oversight.
How Property Taxes Are Administered
- Local commissioners of the revenue or assessors determine property values
- County, city, and town governments set tax rates and issue bills
- Local treasurers collect property tax payments
- The Virginia Department of Taxation provides guidance and oversight
- Local boards of equalization review certain assessment disputes
Valuation Method Used
Virginia property taxes are based on fair market value.
- Fair market value reflects the likely selling price of a property under normal conditions
- Local assessors use recent sales data, property characteristics, and appraisal models
- Reassessments occur on a regular cycle determined by each locality
- Values are intended to reflect current market conditions as of the assessment date
Assessed value is generally the same as market value unless adjusted through an appeal.
Assessment Ratios
Virginia does not use assessment ratios by property type.
- Most property is assessed at 100 percent of fair market value
- Land and improvements are typically valued separately
- Some localities classify property types for reporting purposes, not ratios
Calculation Process
Property tax bills are calculated at the local level.
- The assessed value is determined by the local assessor
- The local tax rate is applied to the assessed value
- Any applicable exemptions or relief programs are deducted
- The remaining amount is the total tax due
Each locality sets its own tax rate annually.
Notices and Appeals
Property owners receive assessment notices when values change or during reassessment years.
Appeals typically begin with an informal review with the assessor. If unresolved, owners may appeal to the local board of equalization and then to the circuit court. Deadlines and procedures vary by locality.
Payment Schedule
Payment schedules vary across Virginia.
- Most localities issue bills once or twice per year
- Due dates are set by the local government
- Interest and penalties may apply for late payments
Owners should verify billing dates with their local treasurer.
Exemptions and Relief Programs
Virginia offers several property tax relief options.
- Homestead exemptions for qualifying elderly or disabled homeowners
- Real estate tax relief programs based on income and net worth
- Disabled veterans exemption for qualifying service connected disabilities
- Exemptions for certain nonprofit, religious, or government owned property
Eligibility and application requirements vary by locality.
Reasons Taxes May Change
- Reassessments reflecting market changes
- Adjustments to local tax rates
- Property improvements or renovations
- Loss or addition of exemptions
- Changes in local budget needs
Practical Tips for Owners
- Review assessment notices carefully each year
- Keep records of recent comparable property sales
- Apply early for exemptions or relief programs
- Monitor reassessment schedules in your locality
- Appeal assessments promptly if market value appears overstated
Final Thoughts
Delaware’s property tax system, like Virginia’s, relies on local assessment and administration to fund essential public services. While Virginia allows significant local control over valuations and rates, both states emphasize transparency, appeal rights, and targeted relief programs to support qualifying property owners.