Real Estate Tax
Real Estate Tax Assessment
The real estate tax in Isle of Wight County is assessed by the Commissioner of the Revenue and collected by the Treasurer. The current real estate rate is 85 cents per $100 of the assessed value. Payments should be made to the Treasurer’s Office in two installments due June 5 and December 5.
Tax Relief for Elderly or Disabled
A deferral or exemption of real estate tax may be available to qualifying low income citizens 65 years of age or older or to those who are totally disabled. The application should be filed by October 1 and renewed annually. Please contact the Commissioner of the Revenue’s Office for additional information.
Change in Address or Tax Billing Status
If there has been a change in your address or any other information regarding your tax billing status, please contact the Commissioner of the Revenue’s Office at (757) 365-6219.
If You Do Not Receive a Real Estate Tax Bill
Anyone who owns property, excluding those with exemptions or deferrals, should receive a tax bill approximately four weeks prior to the due dates of June 5 and December 5.
Under Virginia law, failure to receive a tax bill will not relieve the penalty and interest charges that must be applied to all past due bills. If you do not receive a bill, you should contact the Treasurer’s Office at email@example.com or (757) 365-6228 before the due date.
Escrow Accounts with a Mortgage Company
If you maintain an escrow account with a mortgage company, your mortgage company remits payment for your taxes. However, if you do pay into escrow, you will still receive a copy of the tax bill for your records. SUPPLEMENTAL BILLS are not billed to your mortgage company. If you receive a supplemental bill for your real estate tax and you would like your mortgage company to pay the supplemental amount, please forward your (supplemental) bills to your mortgage company as soon as you receive them. You should also ask your mortgage company to notify the Treasurer’s Office for future billings. It is the mortgage company’s responsibility to request a tax bill for payment of your taxes and the homeowner’s responsibility to ensure that the taxes are paid on time.
Purchase or Sale of Real Property
Under Virginia law, real property is assessed for the entire year in the name of the owner as of July 1st of the year.
The purchaser at a sale is required to see that the proceeds from the sale are applied at settlement to any taxes and levies assessed on the real estate. The liability is prorated between the buyer and the seller, but the lien which arises from a delinquency attaches to the land.
If you buy property, your settlement attorney must ascertain all taxes due and prorate them for payment out of settlement. If you have sold the property referred to on your tax bill and another person has assumed responsibility for payment, please forward the bill promptly to that person or return it to the Treasurer’s Office with information as to the new owner.
The Stormwater Management Fee
All developed residential property owners will be assessed a fee of $54 per year. The storm water will be bill on your Real Estate bill at $27.00 on each half. For billing questions, please contact Julie in the Treasurer’s Office at 757-365-6220. Commercial Real Estate accounts will need to contact Melissa Lindgren at General Services. Call 757-357-5442 or email firstname.lastname@example.org.