Property Q&A in Norfolk>Question Details

Ahmacare, Home Buyer in Norfolk, VA

how much are property taxes on a $150,000 home?

Asked by Ahmacare, Norfolk, VA Thu Jan 19, 2012

We are thinking about moving to Norfolk area. Do not have children and expect to try and find good solid house that perhaps needs some tlc out of town. We are close to retirement and worry about property taxes. I have 63 husband will be 65

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Hi! Glad to see that you are considering moving to Norfolk as I also live and work in Norfolk. Since your husband is 65, you two should be elgible for a Tax Relief through the city. It's very simple. You just go down there or fill the application out online and they will tell you how much of a discount you will get (You know instantly if you go in person) It can be from 20% to 100%. Since your husband is the one that is 65, his name would have to be on the tax record. Normally, the taxes are based on the assessed value of the home and is 1.1% for Norfolk. So, if the home is assessed at $150k then the taxes would be approximately $1650 but be careful because if the $150k is the purchase price because you got at such a good deal, but the property is actually assessed at $200k, your taxes would be approximately $2200. So it would depend upon the $150k being the assesssed value or the purchase price. Hopefully for you, you'll apply for the Tax Relief program and get a nice discount. If you do, you'll have to apply between March 1 and June 1st and your discount would take effect July 1. I'd love to help you and if you have any other questions, please don't hesitate to call me. Lisa @ 757-754-0924 or lisawithc21@aol.com You can also call Colleen with the Tax Relief Program at
757-823-1130. Good Luck!!!
0 votes Thank Flag Link Thu Jan 19, 2012
Hi Ahmacare,

Many homes these days are purchased for below their city-assessed value. Especially if you have an savvy buyer's agent like me helping you hunt down an undervalued, move-in ready home. I've helped many buyers puchase homes for 10 or 20% less than the city assessed value. This means your mortgage payment is less and you have potentially more equity. However, the tax assessment might be $170,000 on a home you purchase for $150,000, so you'll budget a little more for taxes on each mortgage payment.

Feel free to call me any time with quesitons or service requests. My mobile number is 268-5123. Also, you can click the link below to review my profile and professional services.

All the best, Joe McAvoy
0 votes Thank Flag Link Thu Jan 19, 2012
It will be based on the size of the home, so the bigger the house the higher the taxes. It is also based on the size of the lot. Sound's like you will want to get a smaller home and keep the taxes in the $1,600 to $1,700 range. You may also want to look in one of the other cities, which could have lower taxes. Suffolk for instance. Contact me and I can email you homes, to consider. Thanks for the question have let me know how to help.

Kevin Monette 757-735-2628
0 votes Thank Flag Link Thu Jan 19, 2012
Hello Ahmacare -

In the City of Norfolk, real estate tax amount for a residential property is based on the property's tax assessed value, as determined by the City Tax Assessor. The rate payable is $1.11 for every $100 of tax assessed value. Accordingly, if a house is tax assessed for $150,000, the real estate taxes per year payable on that house are equal to $150,000 divided by 100, which equals 1500, and multiply that by $1.11, to produce an annual real estate tax bill of $1,665.

Please let me know if I may provide additional information or assistance. I am a native of the City and work throughout it extensively!

Wayne Goodman; 757 692 6266
0 votes Thank Flag Link Thu Jan 19, 2012
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