How Do Property Tax Rates in Virginia Beach Compare to Nearby Cities?

When considering buying a home, especially in Hampton Roads, property taxes are one of the biggest line items to understand. Whether you're looking to settle in Virginia Beach or comparing costs across nearby cities like Norfolk or Chesapeake, knowing the local property tax rates can help you better estimate your long-term expenses and sometimes even impact your home buying decision. Here is what you need to know about property tax rates in Virginia Beach and how they compare to other cities in the region.

Virginia Beach has a reputation for maintaining a relatively low and stable property tax rate. As of the most recent update, the residential real estate tax rate is $1.03 per $100 of assessed value. That means if your home is assessed at $300,000, your annual property taxes would be approximately $3,090. This is low rate combined with strong city services, excellent public schools in many zones, and proximity to the ocean makes Virginia Beach a highly desirable area for both homeowners and investors.

To give you a better sense of how Virginia Beach stacks up, here are the current (or most recent) real estate tax rates in nearby cities:

  • Norfolk: $1.25 per $100 of assessed value

  • Chesapeake: $1.05 per $100 of assessed value

  • Suffolk: $1.11 per $100 of assessed value

  • Portsmouth: $1.30 per $100 of assessed value

  • Hampton: $1.18 per $100 of assessed value

  • Newport News: $1.22 per $100 of assessed value

As you can see, Virginia Beach’s rate is among the lowest in the region, second only to Chesapeake by a slim margin. For buyers looking to maximize their purchasing power without compromising on amenities or location, this can make a noticeable difference over time.

While tax rates are only one part of the equation, they can affect your monthly mortgage payment if you are escrowing taxes with your lender. For example, two homes with the same price tag could result in different monthly payments depending on which city they are in. Lower tax rates also allow room for buyers to afford a slightly higher home price or to allocate more toward renovations, insurance, or savings. For investors and landlords, a lower tax rate often means stronger cash flow and more flexibility with rental pricing.

Keep in mind that each city may have additional fees or assessments. For example, some areas have stormwater or sanitation fees, and others may offer exemptions or reduced rates for seniors, veterans, or those with disabilities. It's also important to note that assessed value is not always equal to market value. Cities conduct periodic assessments to determine property value, and these can fluctuate over time.

Virginia Beach remains one of the most tax-friendly cities in the Hampton Roads region when it comes to real estate. Whether you are buying your first home, relocating from another city, or expanding your investment portfolio, understanding property tax rates can help you make a smarter financial decision. If you want help calculating taxes on a specific property or comparing costs between neighborhoods, I am happy to walk you through it step-by-step. Local knowledge can make all the difference when planning your next move.