Atlantic, Virginia Property Taxes
The median property tax rate in Atlantic, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $130,400 in Atlantic, the typical annual property tax bill amounts to $776, which is considerably below the national median of $2,690. Property taxes in Atlantic are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Atlantic's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Atlantic or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Atlantic, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Atlantic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Atlantic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atlantic to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Atlantic, Virginia
Property taxes in Atlantic, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atlantic is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Atlantic set these rates annually, and they can vary across different neighborhoods. Each year, Atlantic estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Atlantic's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23303 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Atlantic provides valuable insights into the varying tax landscape across Accomack County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atlantic Tax Rate
0.60%
Average Accomack County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atlantic, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23303 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Atlantic, Virginia
In Atlantic, Virginia, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Accomack County Assessor's Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, in Atlantic, the median home price is $130,400. The 25th percentile of tax bills is $433, while the 75th percentile is $1,197, and the 90th percentile reaches $1,767. The zip code 23303 has the highest and lowest median tax bill at $776. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Atlantic Assessed Value
$130,400
Average Accomack County Assessed Value
$110,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atlantic, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23303 | $34,080 | $72,825 | $130,400 | $201,225 | $296,950 |
Source: Ownwell
Property Tax Bills Across Atlantic, Virginia
In Atlantic, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the property tax rate set by the local government. For example, with a median home price of $130,400, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. The 25th percentile tax bill in Atlantic is $433, while the 75th percentile reaches $1,197, and the 90th percentile can be as high as $1,767. Comparatively, the national median property tax rate is 0.99%, which can help gauge how Atlantic's rates stack up against the broader market. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting homeowners. Understanding these factors can help residents anticipate their financial responsibilities and the benefits they receive from their contributions.
Average Atlantic Tax Bill
$776
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Atlantic, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23303 | $203 | $433 | $776 | $1,197 | $1,767 |
Source: Ownwell