Horntown, Virginia Property Taxes
The median property tax rate in Horntown, VA is 0.60%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Horntown, the typical annual property tax bill reaches $120, far below the national median of $2,690. Property taxes in Horntown are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Horntown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Horntown or another part of Accomack County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Horntown, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$121
Ownwell’s Horntown Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Horntown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Horntown 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 Accomack County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Horntown, Virginia
Property taxes in Horntown, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Horntown is 0.60%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Horntown set these rates annually, and they can vary across different neighborhoods. Each year, Horntown 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 Horntown's effective property tax rate to other areas in Accomack County and the national median. For comparison, the zip code 23395 has both the highest and lowest median property tax rate in the region, standing at 0.60%. Understanding how these areas compare with Horntown 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 Horntown 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 Horntown, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23395 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Horntown, Virginia
In Horntown, 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 Appraisal District 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. In Horntown, 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. The median home price in Horntown is $20,200, with tax bills ranging from $89 at the 25th percentile to $450 at the 90th percentile. The zip code 23395 has both the highest and lowest median tax bill at $120. By understanding the distinction between 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 in Horntown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Horntown Assessed Value
$20,200
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 Horntown, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23395 | $9,500 | $15,000 | $20,200 | $26,500 | $75,700 |
Source: Ownwell
Property Tax Bills Across Horntown, Virginia
In Horntown, located in Accomack County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is used to calculate the property tax bill. Homeowners in Horntown pay property taxes that are influenced by the assessed value of their property and the local tax rate. The median home price in Horntown is $20,200, which is significantly lower than the national median. Property tax bills in the area range widely, with the 25th percentile at $89, the 75th percentile at $158, and the 90th percentile reaching $450. This variation indicates that while some homeowners face relatively low property taxes, others may see higher bills depending on their property's assessed value and specific circumstances. These property tax bills impact homeowners by contributing to the overall cost of homeownership, affecting monthly budgets and long-term financial planning. Understanding how these taxes are calculated and what to expect can help homeowners in Horntown better manage their finances.
Average Horntown Tax Bill
$120
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Horntown, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23395 | $57 | $89 | $120 | $158 | $450 |
Source: Ownwell