Sanford, Virginia Property Taxes
The median property tax rate in Sanford, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Sanford at $66,300, the typical annual property tax bill amounts to $394, which is well below the national median of $2,690. Property taxes in Sanford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sanford'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 Sanford 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
Sanford, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$398
Ownwell’s Sanford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sanford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sanford 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 Sanford, Virginia
Property taxes in Sanford, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sanford is 0.60%, lower than both the Virginia state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Sanford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sanford 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 Sanford's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23426 zip code has the highest median property tax rate of 0.60%, while the 23426 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Sanford 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 Sanford 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 Sanford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23426 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Sanford, Virginia
In Sanford, 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 Sanford, 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 Sanford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Sanford are both $394.00, found in zip code 23426.
Average Sanford Assessed Value
$66,300
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 Sanford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23426 | $21,480 | $28,500 | $66,300 | $96,900 | $141,300 |
Source: Ownwell
Property Tax Bills Across Sanford, Virginia
In Sanford, located in Accomack County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's worth. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $66,300, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate applied. Several factors influence the final tax bill, including the property's location, size, and condition. The tax bill can range significantly, with the 25th percentile at $170 and the 75th percentile reaching $577. For those in the 90th percentile, the bill can be as high as $841. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Sanford, therefore, need to be aware of how these factors affect their property tax obligations, especially when compared to the national median property tax rate of 0.99%.
Average Sanford Tax Bill
$394
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Sanford, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23426 | $128 | $170 | $394 | $577 | $841 |
Source: Ownwell