Mc Kenney, Virginia Property Taxes
The median property tax rate in MC KENNEY, VA is 0.79%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $109,000 in MC KENNEY, the typical annual property tax bill is $837, significantly below the national median of $2,690. Property taxes in MC KENNEY are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding MC KENNEY'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 MC KENNEY or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Kenney, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$861
Ownwell’s MC KENNEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC KENNEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC KENNEY 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 Mc Kenney, Virginia
Property taxes in MC KENNEY, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC KENNEY is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within MC KENNEY set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC KENNEY 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 MC KENNEY's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23872 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these areas compare with MC KENNEY 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 Mc Kenney 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 Mc Kenney, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23872 | 0.64% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Mc Kenney, Virginia
In MC KENNEY, 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. In MC KENNEY, 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. For instance, the median home price in MC KENNEY is $109,000, with tax bills ranging from the 25th percentile at $460 to the 90th percentile at $1849. The zip code 23872 has the highest and lowest median tax bill at $837. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Kenney Assessed Value
$109,000
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 Mc Kenney, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23872 | $20,000 | $63,900 | $109,000 | $170,500 | $263,332 |
Source: Ownwell
Property Tax Bills Across Mc Kenney, Virginia
Property tax bills in McKenney, located in Dinwiddie County, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor's office and is a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in McKenney, the median home price is $109,000. Property tax bills can vary significantly; the 25th percentile tax bill is $460, while the 75th percentile reaches $1,291. At the 90th percentile, homeowners might see a tax bill as high as $1,849. These property taxes contribute to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, McKenney's rates reflect the local economic conditions and public service funding needs. Homeowners should be aware of these factors to better manage their financial planning and obligations.
Average Mc Kenney Tax Bill
$837
Average Dinwiddie County Tax Bill
$1,142
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Kenney, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23872 | $123 | $460 | $837 | $1,291 | $1,849 |
Source: Ownwell