City of Portsmouth, Virginia - Office of The Real Estate Assessor

VIRGINIA

REAL ESTATE ASSESSOR
801 Crawford Street, 2nd Floor
P.O. Box 820
Portsmouth, Virginia 23705
Telephone : (757) 393-8631
Fax: (757) 393-8177
assessor@portsmouthva.gov

PREVIOUS 3 YEARS TAX COLLECTION AND TAX RATES

Computation of Tax
Real Estate taxes are calculated by multiplying the property assessment by the tax rate. City Council determines the real estate tax rate in the Spring of each year. The rate will apply to the upcoming tax year beginning on July 1. The tax rate in the City of Portsmouth is expressed in dollars per one hundred dollars of assessed value. The tax formula to calculate your taxes is as follows:

2009 Tax Rate: $1.24 per $100

The tax formula for tax year starting July 1, 2009 is:

Assessment x tax rate = tax bill

Example:

Tax Rate: $1.24 per $100

Property Value: $100,000

$100,000 x .0124 = $1,240 annual tax bill

2008 Tax Rate: $1.21 per $100

The tax formula for tax year starting July 1, 2008 is:

Assessment x tax rate = tax bill

Example:

Tax Rate: $1.21 per $100

Property Value: $100,000

$100,000 x .0121 = $1,210 annual tax bill

2007 Tax Rate: $1.26 per $100

The tax formula for tax year starting July 1, 2007 is:

Assessment x tax rate = tax bill

Example:

Tax Rate: $1.26 per $100

Property Value: $100,000

$100,000 x .0126 = $1,260 annual tax bill