Out of stater here looking to analyze deals in VA. In my local MLS market, the RE taxes are itemized on the MLS report (which I can then verify through the municipality's web site).
How does it work in VA? The MLS reports I have from Richmond do not have the tax amounts on them, and a cursory web search has not yielded anything, either.
I apologize for my ignorance, but how do taxes work in VA? Do you have both city/county and school taxes attached to property ownership (that's how it is in NY)? Where I can find those tax amounts from an independent source (read: not involved in the RE transaction) in order to analyze the deal?
Thanks in advance!
It depends. There is no state property tax. Here in Northern Virginia you pay county property tax. There is no separate school tax. If you are in an incorporated city, there is likely also a city tax. Again, a lot of this is going to depend on the exact municipality.
I agree with Dan Robinson, it depends if it’s in a city or county. Also, some towns (like the one I own a property in) has county AND town taxes.
@Wesley W. Just google the locality followed by “real estate tax rates”. I just did that for city of Richmond and found the following link.. http://www.richmondgov.com/Finance/documents/faqRealEstateTax.pdf
Thanks @Amy Herzing !
This is what I was looking for but eluded me.
@Wesley W. if you have any other issues with locality tax rates (especially Hampton Roads and Greater Richmond areas) definitely let me know.
One thing that confused me when I was new to Virginia was the fact that cities are NOT within counties. However, towns are. So if you're looking at a property in a town, you will have two layers of local tax. Everybody else has either city tax or county tax, not both. There's no separate school tax here; it's built in. Watch out for HOAs, though.
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