Real estate is assessed by the Accomack County Assessor. Real estate within the Town of Chincoteague is taxed by both the Town and Accomack County with each having different rates. Real estate taxes for the Town are billed in early November of each year and are due on or before December 5th of the same year. The current Town real estate tax rate is $0.059 per $100 of assessed value.

The Town offers tax relief on real estate for certain elderly or handicapped individuals. The relieve may be 50% or 100%. There are eligibility criteria, such as: income and amount of real estate owned. Contact the Accomack County Commissioner of Revenue. The Commissioner of revenue will notify the Town of those eligible for this relief.

Personal property taxes are assessed by the Accomack County Commissioner of Revenue on such items as automobiles, motorcycles, travel trailers, boats and mobile homes. personal property is also taxed by the Town and Accomack County with different rates. Personal property bills are mailed the same time as real estate and have the same due date. The current Town personal property tax rate is $0.72 per $100 of assessed value. However, mobile homes are billed at the real estate rate.

Since the Town receives the assessment for real estate and personal property from Accomack County during the year should contact the Town of Chincoteague and provide proof as to the date of the move so a portion of the Town tax may be reviewed for abatement.

The Town of Chincoteague levies an annual business license tax on all persons conducting business within the Town. The tax is due on April 30th of each year. For most business categories, the current rate for this tax is $0.13 per $100 of gross receipts of the previous year, with a minimum tax of $50.00 and a maximum of tax $500.00 per year. If you are considering any type of business enterprise, please contact the Town Office.

Transient occupancy tax is charged by providers of lodging of less than 30 days. The current Town transient occupancy tax rate is 5%.

Meals tax is charged on all prepared meals including beverages within the Town. The current meals tax rate is 5%.