Dinwiddie, Virginia Property Taxes
The median property tax rate in Dinwiddie, VA is 0.79%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Dinwiddie at $150,994, the typical annual property tax bill comes to $1,157, significantly less than the national median of $2,690. Property taxes in Dinwiddie are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Dinwiddie'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 Dinwiddie or another part of the county, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dinwiddie, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,193
Ownwell’s Dinwiddie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dinwiddie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dinwiddie 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 Dinwiddie, Virginia
Property taxes in Dinwiddie, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dinwiddie is 0.79%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Dinwiddie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dinwiddie 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 Dinwiddie's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23841 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Dinwiddie provides valuable insights into the varying tax landscape across Dinwiddie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dinwiddie Tax Rate
0.79%
Average Dinwiddie County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dinwiddie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23841 | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Dinwiddie, Virginia
In Dinwiddie, 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 Dinwiddie 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. Assessment notices in Dinwiddie 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 Dinwiddie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 23841 has the highest and lowest median tax bill at $1,157.
Average Dinwiddie Assessed Value
$150,994
Average Dinwiddie County Assessed Value
$147,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dinwiddie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23841 | $65,310 | $91,900 | $150,994 | $208,925 | $283,800 |
Source: Ownwell
Property Tax Bills Across Dinwiddie, Virginia
In Dinwiddie, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $150,994, homeowners can expect varying tax bills depending on their specific property assessments and applicable exemptions. The tax bill in Dinwiddie can range significantly. At the 25th percentile, homeowners might pay around $709, while those at the 75th percentile could see bills as high as $1,600. For those at the 90th percentile, property taxes can reach up to $2,048. These figures highlight the variability in tax burdens based on property values and assessments. Compared to the national median property tax rate of 0.99%, Dinwiddie's tax rates and resulting bills can be seen as relatively moderate. Homeowners need to consider these factors when budgeting for annual expenses, as property taxes directly impact the overall cost of owning a home in the area.
Average Dinwiddie Tax Bill
$1,157
Average Dinwiddie County Tax Bill
$1,142
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Dinwiddie, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23841 | $462 | $709 | $1,157 | $1,600 | $2,048 |
Source: Ownwell