What is the property tax rate?

In Virginia, the property tax rate varies by locality and is calculated based on a property’s assessed value. Generally, the rate is expressed as a percentage or rate per $100 of assessed value. For most counties, the rate is $0.865 per $100 of assessed value, but some have a rate of $0.95. For cities, the rate of taxation may vary from $0.80 to $1.20 per $100 of assessed value. The actual amount of property tax paid by a property owner is determined by multiplying the assessed property value by the applicable rate. Additionally, some special taxing districts have their own tax rate that is applied to the assessed value, which is then added to the tax rate of the county or city in which the property is located. For real estate that is used as a residence, the homeowner may be eligible for certain tax relief, such as an exemption for a portion of the assessed value. This amount is set by each locality and may reduce the amount of property tax due. Overall, the property tax rate can vary significantly depending on the locality in which the property is located, and each locality may have different rules and exemptions available. It is important for Virginia property owners to review the property tax rules for their locality to ensure they are aware of the applicable rate and any tax relief they may be eligible for.

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