Inverse tax calculator for Virginia property.
A property owner’s property value is determined by multiplying the current market value of their home by the property tax rate for their property.
If the property is valued at less than zero, then the property owner is paying a property tax equal to 0.
The inverse property tax is calculated by multiplying that value by the tax rate.
The property owner then pays the tax equal in whole to the difference between the current property tax and the tax they would have paid if the property were valued at zero.
A negative value indicates that the tax is too high.
For example, if the current rate is 0.10% but the tax was 1% then the inverse property would be valued at $0.30, which would be 0.2% of the property value.
A positive value indicates the tax has not been excessive.
For instance, if it is zero and the current tax rate is 6%, then the value of the house would be $1,200, which is 1% of its value.
Property tax calculator: How much would a property owner pay?
A property tax can be applied to any part of the owner’s portfolio including the capital and immovable assets, as well as their mortgage.
The taxable amount is based on the value at which the property was sold, not on the number of years.
For more information, see Calculating the taxable amount for property.