Onley, Virginia Property Taxes
The median property tax rate in Onley, 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 Onley at $125,200, the typical annual property tax bill reaches $745, significantly below the national median of $2,690. Property taxes in Onley 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 Onley'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 Onley 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
Onley, 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 Onley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Onley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Onley 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 Onley, Virginia
Property taxes in Onley, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Onley is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Onley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Onley 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 Onley's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23418 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Onley 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 Onley 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 Onley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23418 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Onley, Virginia
In Onley, 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 Onley, 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 Onley is $125,200, with the 25th percentile tax bill at $475 and the 75th percentile tax bill at $1,047. The highest and lowest median tax bills are both $745, found in the 23418 zip code. 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 Onley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Onley Assessed Value
$125,200
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 Onley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23418 | $45,940 | $79,900 | $125,200 | $176,000 | $222,790 |
Source: Ownwell
Property Tax Bills Across Onley, Virginia
In Onley, VA, property tax bills are calculated based on the assessed value of your home, which is determined by the Accomack County assessor's office. The assessed value is typically a percentage of the market value of your property. Once the assessed value is established, it is multiplied by the local tax rate to determine your annual property tax bill. Several factors influence your property tax bill, including the size and location of your property, as well as any improvements or additions that may increase its value. In Onley, the median home price is $125,200, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $475, while the 75th percentile reaches $1,047, and the 90th percentile is $1,326. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly affecting homeowners by contributing to the overall quality of life in the community. Compared to the national median property tax rate of 0.99%, Onley offers a relatively moderate tax environment, making it an attractive option for homeowners.
Average Onley Tax Bill
$745
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Onley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23418 | $273 | $475 | $745 | $1,047 | $1,326 |
Source: Ownwell