Portsmouth city, VA Property Tax Calculator

The effective property tax rate in Portsmouth city is 1.04% — calculated as the median annual property tax paid ($2,557) divided by the median home value ($246,900), using 2024 US Census ACS 5-year estimates. Your actual bill depends on your purchase price, homestead or senior exemptions, and any special assessments applied in your taxing district.

Virginia's combined real estate transfer tax is approximately 0.43% of the purchase price. On the median Portsmouth city home value of $246,900, this adds roughly $1,062 at closing. Grantor's (seller) tax $0.50/$500 (0.1%). Northern Virginia and Hampton Roads sellers pay an additional $0.15/$100 (0.15%) NVTA/HRTA regional congestion fee (total ~0.25% seller in those regions). Buyer pays State Recordation Tax $0.25/$100 (0.25%) + local 1/3 addition ($0.083/$100) + grantee tax $0.50/$500 (0.1%) ≈ 0.43% total on deed. Additional recordation on mortgage applies if financed.

Yes, substantially. FEMA National Risk Index data shows 46.0% of Portsmouth city's land area falls within a Special Flood Hazard Area (SFHA). Flood insurance is required for any federally-backed mortgage on a property inside an SFHA and commonly adds $800–$3,000 per year. Check your specific property's flood zone at msc.fema.gov before buying.

Closing costs for a buyer in Portsmouth city typically run $4,938–$12,345 (2–5% of purchase price) on a median-priced home, including title insurance ($800–$2,000), appraisal ($400–$700), home inspection ($350–$600), recording fees ($100–$300), and loan origination (0.5–1.0% of the loan amount). Use the calculator above for a specific estimate at your purchase price.