What is the Property Tax Rate in Virginia?
Based on HomeLight’s analysis of publicly available data, the average effective property tax rate for a primary residence in Virginia is approximately 0.97% of its estimated value. This is higher than the national average of 0.90%.
For example, with a 0.97% effective tax rate, a homeowner with a $450,000 home might pay around $4,365 in annual property taxes.
An effective property tax rate represents the actual percentage of a property’s market value that a homeowner pays in taxes, considering the assessed value and any exemptions or deductions.
Note: HomeLight’s Virginia property tax calculator provides a ballpark estimate for a primary residence using average rates. Your tax can vary based on location and the specific taxing districts (e.g., schools, fire districts, and libraries) that apply to your parcel. For a precise number, contact the Virginia Department of Taxation.
Step One: Consult with a Trusted Buyer's Agent
Tell us a little bit about your plans (where you’re looking to buy and when you want to make a purchase), and we’ll connect you with top-rated buyer’s agents in your area. It takes only a few minutes, and it’s free.
Are There Property Tax Exemptions in Virginia?
Homeowners in Virginia may qualify for several property tax exemptions that can lower their tax bill. These are offered through the Virginia Department of Taxation and administered locally by each county or city’s Commissioner of the Revenue or Real Estate Assessor’s Office. Common exemptions include:
- General homestead exemption: Eligible homeowners can qualify for a property tax exemption of up to $50,000.
- Over-65 exemption: There is no statewide exemption for seniors, but there are some programs available in different cities and counties in Virginia.
- Military or veteran exemption: Certain disabled or retired veterans and their surviving spouses can qualify for property tax exemptions
If you’re buying a home in Virginia, note that property tax exemptions do not automatically transfer from the previous owner. After the home changes hands, you’ll need to reapply based on your own eligibility.
When Are Virginia Property Taxes Due?
Property taxes in Virginia have different due dates, depending on the local municipality.
What Do Property Taxes Pay For in Virginia?
Local property taxes in Virginia pay for important local services, including:
- Public schools
- Police, fire, and EMS services
- Roads, streets, and traffic signals
- Parks, libraries, and community centers
- City and county government operations
- Infrastructure like water, sewer, and trash services
- Repayment of local bond projects (such as transit and school improvements)
Yes, You Can Buy Before You Sell. Why Move Twice?
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
What Does It Cost to Buy a Home in Virginia?
How Much House Can You Afford?
Affordability in Virginia depends on your income, debt, credit score, and mortgage rate. With a median household income of around $89,864 in the Old Dominion State, a buyer might afford a home in the $305,000 range using standard debt-to-income guidelines. However, with the Virginia median home price hovering at $450,000, many buyers need dual incomes or additional savings to qualify.
Use HomeLight’s Home Affordability Calculator to estimate your budget based on your income, debts, and current rates.
What Down Payment Will You Need in Virginia?
According to Visual Capitalist, the average down payment on a house in Virginia is 13.5%. However, down payment amounts vary widely depending on loan type and credit score. While 20% used to be the expected standard, many buyers put down between 5% and 15%, with 3% options available for FHA and some conventional first-time buyer loans.
For a $450,000 home, here’s what your down payment could look like:
- 3% down = $13,500
- 5% down = $22,500
- 10% down = $45,000
- 15% down = $67,500
- 20% down = $90,000
Try HomeLight’s Down Payment Calculator to see how different down payments affect your monthly payment and loan size.
How Much Are Closing Costs in Virginia?
Buyers in Virginia can expect to pay about 2% to 5% of the purchase price in closing costs. These may include:
- Loan origination and underwriting fees
- Title insurance and escrow fees
- Appraisal and inspection costs
- Prepaid property taxes and homeowners’ insurance
- Filing and recording fees
For a $450,000 home, that means estimated closing costs of $9,000 to $22,500. Use HomeLight’s Closing Costs Calculator to get a personalized estimate based on your expected Virginia home purchase price.
How To Find a Trusted Virginia Real Estate Agent
An experienced Virginia agent can help you understand local tax rates, school districts, and development trends — and guide you toward neighborhoods that fit your lifestyle and budget.
HomeLight’s free Agent Match tool uses data from over 27 million transactions and thousands of verified reviews to match you with top Virginia agents based on proven performance. Tell us a little about your buying plans and get matched today with no obligation.
Additional resources when searching for a trusted buyer’s agent in Virginia:
Buying and Selling? Consider “Buy Before You Sell”
If you’re buying a new home in Virginia but need to sell your current property first, HomeLight’s Buy Before You Sell program can simplify the entire process. This modern solution helps you unlock equity from your current home so you can make a non-contingent offer on your new home — and only move once. Watch the short video below to see how it works.