Property Taxes in Smithfield, Virginia
Median Smithfield, Virginia effective property tax rate: 0.73%, significantly lower than the national median of 1.02%, and lower than the Virginia state median of 0.90%.
Median Smithfield, Virginia home value: $353,300
Median annual Smithfield, Virginia tax bill: $2,577, $177 higher than the national median property tax bill of $2,400.
How are property taxes in Isle of Wight calculated?
Property taxes in Smithfield, Virginia are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Smithfield's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Smithfield, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
How Does the Smithfield Property Tax Calculator Work?
Use this Smithfield property tax calculator to estimate your annual property tax bill. Enter your property’s assessed value and our calculator applies Smithfield’s median effective tax rate of 0.73% — based on actual property records in Isle of Wight County — to generate your estimate.
Enter your property’s estimated assessed value — the figure used to calculate your bill, which reflects any exemptions you hold and is typically lower than your home’s market value. Our calculator applies Smithfield’s median effective rate across local levies, providing a more accurate estimate than applying a single county millage rate.
Smithfield’s median effective tax rate is lower than the Virginia median of 0.90%, and the median property tax bill is $2,577, which is $177 higher than the state median bill.
Your bill may vary by ZIP code within Smithfield: rates range from 0.73% in 23430 to 0.73% in 23430.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Smithfield.
About Smithfield Property Taxes
About Property Taxes in Smithfield, Isle of Wight, Virginia
Smithfield's median effective property tax rate of 0.73% is lower than the Virginia state median of 0.90% and lower than the national median of 1.02%. This rate reflects the Isle of Wight County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Smithfield. Homeowners in the 23430 ZIP code carry a median effective rate of 0.73%, while those in 23430 pay 0.73%. This spread — 0.00 percentage points across the same city — reflects how school district boundaries and local assessment districts are drawn across Isle of Wight County. Understanding which part of Smithfield you live in can make a meaningful difference to your annual tax bill.
Smithfield homeowners who believe their assessed value is too high can file a formal appeal with the local Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Smithfield, Isle Of Wight County, Virginia
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Smithfield's effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.
Our median effective property tax rate (tax bill Ă· assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Smithfield Tax Rate
0.73%
Our median effective property tax rate (tax bill Ă· assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Isle Of Wight County Tax Rate
0.73%
Median Effective Virginia Tax Rate
0.90%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Smithfield, Isle Of Wight County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23430 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Isle Of Wight County, Virginia
When examining property taxes in Smithfield, Virginia, understanding the distinction between "market value" and "assessed value" is crucial.
The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Isle of Wight County estimates the market value for tax purposes.
The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Isle of Wight County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of spring.
Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Smithfield.
For example, the median home price in Smithfield is $353,300, with tax bills ranging significantly across the county. 23430 has the highest median home price at $353,300.
Property Tax Assessment Values Across Smithfield, Isle Of Wight County, Virginia
Source: Ownwell
$162,500
$266,850
$371,200
Median Smithfield Market Value
$353,300
Median Isle Of Wight County Market Value
$333,650
Median Virginia Market Value
$323,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Smithfield, Isle Of Wight County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23430 | $162,020 | $245,200 | $353,300 | $488,700 | $645,580 |
Source: Ownwell
Property Tax Bills Across Smithfield, Isle Of Wight County, Virginia
Property tax bills in Smithfield are based on the assessed value of a home and the local tax rate set by Isle of Wight County. When a property’s market value rises, the assessed value can increase as well, which may lead to a higher tax bill. Homeowners in Smithfield should also consider that exemptions or appeals can affect the final amount owed.
With a median home price of $353,300, property taxes can be a meaningful part of homeownership costs. The median tax bill in the area is $2,577, which is above the national median property tax bill of $2,400 but close to the national median property tax rate of 1.02%. Tax bills typically vary widely, with the 25th percentile at $1,783 and the 75th percentile at $3,559.
For many homeowners, this means the tax bill may be manageable for some properties but significantly higher for others, depending on assessed value and local rates.
Property Tax Bills Across Smithfield, Isle Of Wight County, Virginia
Source: Ownwell
$1,186
$1,949
$2,712
Median Smithfield Tax Bill
$2,577
Median Isle Of Wight County Tax Bill
$2,431
Median Virginia Tax Bill
$2,852
Median United States Tax Bill
$3,209
Property Tax Bills Across Smithfield, Isle Of Wight County, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23430 | $1,172 | $1,783 | $2,577 | $3,559 | $4,700 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 30 |
Links | |
|---|---|
| Isle of Wight Tax Assessor | |
| Website | va-isleofwight.publicaccessnow.com |