Tangier, Virginia Property Taxes
The median property tax rate in Tangier, VA is 0.60%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $66,100 in Tangier, the typical annual property tax bill amounts to $393, significantly below the national median of $2,690. Property taxes in Tangier 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 Tangier'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 Tangier 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
Tangier, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$397
Ownwell’s Tangier Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tangier with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tangier 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 Tangier, Virginia
Property taxes in Tangier, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tangier is 0.60%, significantly lower than the U.S. national median of 0.99%. Local government entities within Tangier set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tangier 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 Tangier's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23440 zip code has the highest median property tax rate of 0.60%, while the same 23440 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Tangier 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 Tangier 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 Tangier, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23440 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Tangier, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tangier, 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 local 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 Tangier, 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 Tangier 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 $393 in the 23440 zip code, which is also the lowest median tax bill, highlighting the uniformity in tax assessments within the region.
Average Tangier Assessed Value
$66,100
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 Tangier, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23440 | $16,200 | $27,825 | $66,100 | $93,225 | $132,800 |
Source: Ownwell
Property Tax Bills Across Tangier, Virginia
In Tangier, VA, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local government assessors who evaluate the market value of the home. Homeowners in Tangier can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill stands at $166, while the 75th percentile reaches $555, and the 90th percentile can go up to $790. The median home price in Tangier is $66,100, which is relatively low compared to national standards. This lower home value directly impacts the property tax bills, making them more affordable for homeowners. The highest median tax bill in the area is $393, which is still below the national median property tax rate of 0.99%. These factors combined mean that while property taxes in Tangier are generally manageable, they can still vary widely depending on the property's assessed value and the specific location within the city.
Average Tangier Tax Bill
$393
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Tangier, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23440 | $96 | $166 | $393 | $555 | $790 |
Source: Ownwell