If you own a house in Virginia Beach and you are thinking about selling, property taxes are one of those costs that can sneak up on you at closing.
What Are Virginia Beach Property Tax Rates?
Virginia Beach currently assesses property taxes at approximately $1.045 per $100 of assessed value. For a home assessed at $350,000, that means roughly $3,658 per year.
How Taxes Affect Your Home Sale
When you sell your home, property taxes are prorated at closing. If you have already paid taxes for the full year but close in June, the buyer reimburses you for the months they will own the home. If you are behind on taxes, the outstanding amount is deducted from your sale proceeds.
What If You Are Behind on Property Taxes?
Delinquent property taxes create a lien on your property. This lien must be paid at closing before you receive any proceeds. Cash buyers like Solutions Home Buyers handle tax lien situations regularly. We can close even when taxes are delinquent, working directly with the city treasurer to get payoff amounts and clear the title at closing.
Whether your taxes are current or behind, they are a factor in your home sale. Call us at 757-744-3252 or visit faircashoffer.com for a free cash offer.
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