City Council determines the tax rate by the amount of revenue needed to provide the many services offered to our citizens. The amount of real estate tax is determined by multiplying the tax rate by the assessed value.
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Real estate assessments attempt to fairly distribute the necessary tax burden among all property owners based on the market value of their property. State statutes require all jurisdictions to assess real estate at market value and require jurisdictions with a population of over 30,000 to reassess at least every two years. City Code requires annual assessments (City Code of Ordinances, Chapter 30, Article III).
The amount of tax you pay is determined by the tax rate applied to your assessed value. The tax rate is set by City Council.
To determine the annual tax, divide your real estate assessment by 100 and multiply the answer by the tax rate. The result is your yearly tax amount. The current tax rate is $1.04 per $100 of assessed value, with an additional levy of $0.01 for mosquito control. Fiscal Year 2022 to 2023 includes a $0.04 credit, which results in an effective tax rate of $1.01 per $100 of assessed value.
Email the Real Estate Assessor's Office or call 757-382-6235.
Property owners are notified by mail, the first week in March, when the property value has changed since the last March notification. The values indicated will take effect the next July for the new tax year.
Copies of deeds and plats can be purchased from the Clerk of Court located in the Chesapeake Circuit Court Building: 307 Albemarle Dr, Chesapeake, VA 23322.
The Virginia Constitution, the Code of Virginia (1950) Title 58.1, and the City of Chesapeake Charter and City Code, Chapter 30, Article III.
The Real Estate Assessor is appointed by the City Council to serve at its pleasure and is responsible to the Council.
The purpose of real estate assessments is to fairly distribute the necessary tax burden among all property owners based on the market value of their property. Real Estate is assessed so that costs associated with our schools, fire and police protection, and other City services can be allocated to property owners in proportion to the market value of their individual properties.
The general functions may be divided into six categories:
The property is assessed as of January 1 of each year; however, the assessment made on January 1 does not produce taxes until the beginning of the fiscal tax year which begins July 1st of the same year.
The City Treasurer, which is an elected position, mails and collects the taxes.
Land, as shown on the tax notice, is the assessed value of the land; Improvements, as shown, is referring to the assessed value of all structures located on that particular piece of land; Total represents the land added to the improvements, which is the total assessed value.
All railroads and pipelines are assessed by the Department of Taxation. All power companies and telephone companies are assessed by the State Corporation Commission.
The current assessment ratio is 100% of the estimated fair market value which is mandatory under State law.
By an on-site inspection of both land and all improvements. A drawing of all new improvements is made giving the dimensions. The square footage area is figured and the type of construction such as brick, frame, etc. is determined. Then, the value is determined through the use of the three approaches to value as follows:
Generally speaking, only those repairs which materially enhance the value of the property, or repairs that recapture a loss in value that has been previously recognized in a lower assessment, result in an increased assessment.
A property value can change for many reasons. The most obvious is the property physically changes. For example, a bedroom, garage, or swimming pool is added or part of the property is destroyed by flood or fire. The most frequent change is a change in the real estate market. When market values change, so do the assessments. Value is created by transactions in the market place. The assessor has the authority to study those transactions and appraise property accordingly.
The assessed value of all buildings which are demolished is deducted from the total assessment and become effective January 1 and July 1 following the date on which the demolition was completed.
Yes, City Council adopted a program to assist qualifying individuals on both real estate and personal property taxes. We encourage qualifying senior citizens and disabled persons to take advantage of our tax exemption programs. To qualify, individuals must meet income and net worth limitations. Exemption programs are also in place for disabled veterans, and spouses of military personnel killed in action (KIA). Citizens should contact the Commissioner of Revenue at 757-382-6455 for more information about these programs.
They have three courses of action:
A taxpayer may use any or all of these appeal methods, subject to certain time limits.
The City of Chesapeake makes changes to property value due to new construction, additions, or demolitions on a quarterly basis. This change is effective beginning October 1, 2021. The valuation changes will be captured on October 1, January 1, April 1, and July 1 each year.