How do I calculate my property taxes?

Calculating property taxes in Virginia requires you to first determine the assessed value of your property. This is the value that your local tax authority has determined your property to be worth for tax purposes and is tracked by the county or city. Then multiply the assessed value by the local tax rate to calculate the amount of taxes due. The first step in calculating your property taxes is to determine the assessed value for your property; typically, this is the total market value of the property. You can find this information by contacting your local tax authority or by looking up public records. The next step is to multiply the assessed value by the local tax rate. The tax rate is determined by your city or county and is usually expressed in dollars per $100 of assessed value. For instance, if your tax rate is $0.65 per $100, you’d multiply the assessed value by 0.65%. Finally, to get the total amount of taxes due, simply take the results of the calculation and multiply it by the total number of years you’ll be paying the property taxes. For example, if your local tax rate is $0.65 per $100 and the assessed value of your property is $300,000, then the property taxes due would be $1,950. ($300,000 x 0.65%) x 1 year = $1,950.

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