The calculator is pre-filled for a $403,500 home (the Virginia median, ranked 18th of 51) with 20% down at 7.40%. That comes to $2,601.84 a month: $2,235.00 principal and interest, $238.75 tax, $128.08 insurance. With 5% down and PMI it is $3,180.62.
Homestead exemptions and property tax relief
Virginia has no general homestead exemption. Cities and counties may offer tax relief or deferral for owners who are 65 or older or totally disabled, under income and asset limits each locality sets.
First-time buyer programs
Virginia Housing's Down Payment Assistance Grant is a true gift that never has to be repaid: 2% of the price with a Conventional Bond loan or 2.5% with an FHA Bond loan. It is open to first-time buyers, and to repeat buyers purchasing in designated areas. You put in at least 1% yourself and must meet the program's lower income limits.
Transfer and recording taxes
Virginia has two state taxes on a deed. The recordation tax of $0.25 per $100 is customarily paid by the buyer, and the locality can add a third of that. The grantor's tax of $0.50 per $500 falls on the seller. On a $403,500 home, recordation runs about $1,009 to the state plus about $336 to the locality, and the seller's grantor tax is about $404. A deed of trust for the loan carries its own recordation tax.
Closing costs to plan for
Recordation taxes make Virginia's buyer side heavier than in most of the South. Add a settlement agent's fee, lender charges and title insurance.
When property tax bills are due
Virginia real estate tax is entirely local, so the due dates come from your city or county. Many bill twice a year, commonly June 5 and December 5. Because cities are independent of counties, a home inside a city pays the city rate and no county rate.
Before you buy in Virginia
If you disagree with your assessment, talk to the local assessor first, then file with the locality's Board of Equalization by its deadline. The board can lower the assessment but can also raise it. Localities may offer tax relief or deferral to owners 65 and older or permanently and totally disabled under Code of Virginia 58.1-3210, but each one sets its own income and asset limits. Ask the locality about the program before you buy if you will qualify.
2026 loan limit in Virginia
FHFA 2026 one-unit conforming limits: 18 of 133 counties run above $832,750, peaking at $1,249,125 in Arlington County, Clarke County, Culpeper County and 14 more. A median-home loan of $322,800 is conforming.
Virginia numbers used above
| Measure | Virginia | U.S. |
|---|---|---|
| Median home value (ACS 2024) | $403,500 | $360,600 |
| Effective property tax rate | 0.71% (32nd highest) | 0.89% |
| Average HO-3 premium (NAIC 2023) | $1,537 | $1,737 |
| Median household income | $92,090 | $81,604 |
| Median gross rent | $1,646 | $1,487 |
| Income needed at 28% (20% down) | $111,507 | – |
Frequently asked questions
When are Virginia real estate taxes due?
It depends on the locality; many use June 5 and December 5.
How do I appeal a Virginia assessment?
Contact the local assessor, then file with the locality's Board of Equalization by its deadline.
Does Virginia offer senior real estate tax relief?
Localities may, under Code of Virginia 58.1-3210, with their own income and asset limits.
What is the median-home payment in Virginia?
About $2,601.84 a month on a $403,500 home with 20% down at 7.40%, including tax and insurance.
Sources
- Virginia Tax, property tax questions
- Code of Virginia 58.1-3210
- Code of Virginia, Recordation Tax Act
- Virginia Tax ruling 25-39
- Virginia Housing DPA Grant
- FHFA, 2026 conforming loan limits
- Census ACS 2024 1-year (B25077, B25103, B19013, B25064); NAIC homeowners report (2023); Freddie Mac PMMS.
See also: all states · house affordability · Virginia paycheck