Virginia variant. This is a Virginia-specific version of the Property Tax Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Property Tax Calculator.
Virginia's effective property tax rate of 0.75% means the owner of a median $395,000 home pays roughly $2,963 per year - a figure that varies widely by state.
How Virginia property tax is calculated
Property tax = assessed value × local millage rate. The 0.75% effective rate shown here is the statewide average of tax paid relative to market value, which smooths over county-by-county differences.
On the $395,000 Virginia median home, that works out to about $2,963/year or $247/month - often escrowed into your mortgage payment.
About taxes and housing in Virginia
Virginia levies a graduated income tax with a top marginal rate of about 5.75%.
Virginia's effective property tax rate is moderate near 0.75%, with median home values around $395,000.
Virginia's economy is heavily influenced by the federal government, military installations, and a large defense and technology sector in Northern Virginia.
Worked example: tax on a $395,000 home
$395,000 × 0.75% = $2,963 per year. A $500,000 home in Virginia would owe about $3,750 annually at the same effective rate.
Quick reference
- State income tax: 2-5.75% across 4 brackets
- State sales tax: 5.3% (plus 0.47% avg local)
- Median home value: $395,000
- Median household income: $87,249
- Effective property tax rate: 0.75%
- Avg auto insurance: $1,310/yr
Frequently Asked Questions
What is the property tax rate in Virginia?
Virginia's effective property tax rate averages 0.75% of market value per year.
How much property tax on a $395,000 home in Virginia?
About $2,963 per year at the 0.75% effective rate.