Virginia · Virginia Beach-Chesapeake-Norfolk, VA-NC metro area

Buying a home in Chesapeake, Virginia

In Chesapeake, the median value of owner-occupied homes is $378,400, Chesapeake city's effective property tax rate is 0.82%, a purchase mortgage carried a median $8,620 in total loan costs in 2025, and median gross rent is $1,586 a month.

Data as of : Census ACS 2020-2024, Census Vintage 2024, HMDA 2025, HUD FY 2027. Sources

Chesapeake home costs, fact by fact

About Chesapeake

In Chesapeake city, the effective property tax rate (median tax as a share of home value) in Chesapeake city is 0.82%, and HUD's Fair Market Rent for a two-bedroom in Chesapeake city is $1,667. Chesapeake is a city in the Virginia Beach-Chesapeake-Norfolk, VA-NC metro area (ranked 37th among U.S. metro areas), where 74.4% of homes are owner-occupied and median gross rent is $1,586 per month.

Calculate for Virginia

If you buy

Virginia state transfer tax

Recordation tax (Va. Code 58.1-801) and grantor tax (58.1-802): State recordation tax $0.25 per $100 or fraction; grantor tax $0.50 per $500 or fraction.

Price$422,600
State transfer taxnot computed
Who paysSet by the purchase contract

Default price: the Virginia median value of owner-occupied homes, $422,600 (Census ACS 2025). Not computed: Recordation tax = $0.25 per $100 (or fraction) of the greater of price or the most recent property tax assessment. Grantor tax = $0.50 per $500 (or fraction) of the greater of price or value, excluding any lien that stays on the property; the state keeps half and the locality half. Total state-level cost on a sale = both added. Regional fees in Northern Virginia are extra. Who pays: The grantor tax and the two regional fees are the grantor's (seller's) by statute unless the parties agree otherwise. The sections read do not say who pays the state and county recordation tax; the contract and loan documents decide. Not included: county and city transfer taxes, the tax on the mortgage, recording fees, title insurance and lender charges. Virginia transfer tax guide · all 50 states.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: Virginia state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

Sectors of Chesapeake

Chesapeake is divided into its ten planning areas, one open spot per trade in each.

Source: City of Chesapeake Planning, Planning Areas 2023. Population per area is a Payotte estimate: the sum of Census ACS 2020-2024 populations (table B01003) of the 2020 census tracts whose internal point lies inside each official boundary.

Questions about buying a home in Chesapeake

How much is property tax in Chesapeake?

Homeowners in Chesapeake city pay a median $3,108 a year in property tax, 0.82% of the county median home value of $378,400 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in Chesapeake?

Home-purchase mortgages in Chesapeake city carried median total loan costs of $8,620 in 2025; half of the 3,217 loans fell between $4,982 and $12,936 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in Chesapeake?

Virginia has no tax called a transfer tax but taxes the recording of the deed: a state recordation tax of 25 cents per $100 and a grantor tax of 50 cents per $500 paid by the seller. Northern Virginia adds two regional fees of 10 cents per $100 each, and counties such as Arlington add a local recordation tax.

Is it cheaper to rent or buy in Chesapeake?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in Chesapeake ($378,400) equals 19.9 years of the median gross rent ($1,586 a month), both from Census ACS 2020-2024.

Run your own numbers: rent vs buy calculator · closing costs calculator.

Virginia rules that apply in Chesapeake

Other large cities in Virginia

Who licenses each trade in Virginia · All covered cities

Sources

Virginia · All states · Federal guides