Mappsville, Virginia Property Taxes
The median property tax rate in Mappsville, 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 Mappsville, the typical annual property tax bill reaches $384, significantly below the national median of $2,690. Property taxes in Mappsville 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 Mappsville'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 Mappsville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mappsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$388
Ownwell’s Mappsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mappsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mappsville 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 Mappsville, Virginia
Property taxes in Mappsville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mappsville is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Mappsville set these rates annually, and they can vary across different neighborhoods. Each year, Mappsville 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 Mappsville's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23407 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Mappsville 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 Mappsville 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 Mappsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23407 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Mappsville, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mappsville, Virginia. 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 assessment 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. In Mappsville, 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. 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 Mappsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $384 in zip code 23407, while the lowest median tax bill is also $384 in the same zip code.
Average Mappsville Assessed Value
$64,600
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 Mappsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23407 | $25,980 | $38,150 | $64,600 | $90,800 | $136,160 |
Source: Ownwell
Property Tax Bills Across Mappsville, Virginia
In Mappsville, located in Accomack County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors and may differ from the market value. Homeowners in Mappsville can expect their tax bill to be influenced by this assessed value along with the local tax rate. The median home price in Mappsville is $64,600. For a property in the 25th percentile, the tax bill is around $227, while properties in the 75th and 90th percentiles have tax bills of $540 and $810, respectively. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Mappsville should be aware that their tax bills can fluctuate based on changes in assessed values and local tax rates. Compared to the national median property tax rate of 0.99%, Mappsville's rates provide a context for understanding local tax obligations and their impact on household finances.
Average Mappsville Tax Bill
$384
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mappsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23407 | $155 | $227 | $384 | $540 | $810 |
Source: Ownwell