Millers Tavern, Virginia Property Taxes
The median property tax rate in Millers Tavern, VA is 0.73%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $152,200 in Millers Tavern, the typical annual property tax bill amounts to $1,102, significantly below the national median of $2,690. Property taxes in Millers Tavern are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Millers Tavern'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 Millers Tavern or another part of Essex County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millers Tavern, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,111
Ownwell’s Millers Tavern Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millers Tavern with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millers Tavern 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 Millers Tavern, Virginia
Property taxes in Millers Tavern, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millers Tavern is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Millers Tavern set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millers Tavern 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 Millers Tavern's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23115 has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Millers Tavern provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millers Tavern Tax Rate
0.73%
Average Essex County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millers Tavern, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23115 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Millers Tavern, Virginia
In Millers Tavern, 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 Essex 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 Millers Tavern, 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 Millers Tavern helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 23115 in Millers Tavern has the highest and lowest median tax bill, both at $1,102. This information can help homeowners in Millers Tavern make informed decisions regarding their property taxes.
Property Tax Assessment Values Across Millers Tavern, Virginia
Source: Ownwell
$62,430
$136,970
$211,509
Average Millers Tavern Assessed Value
$152,200
Average Essex County Assessed Value
$164,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millers Tavern, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23115 | $93,620 | $117,950 | $152,200 | $192,560 | $248,250 |
Source: Ownwell
Property Tax Bills Across Millers Tavern, Virginia
In Millers Tavern, Essex County, VA, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $152,200, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Key factors influencing the tax bill include the property's location within Essex County, any applicable exemptions, and the assessed value determined by the county assessor. For example, tax bills in the 25th percentile are around $869, while those in the 75th percentile reach approximately $1,394. The highest median tax bill in the area is $1,102, which aligns with the national median property tax rate of 0.99%. These property tax bills significantly impact homeowners by adding an annual financial obligation that must be budgeted for, influencing overall housing affordability in Millers Tavern. Understanding these factors helps homeowners anticipate and manage their property tax expenses effectively.
Average Millers Tavern Tax Bill
$1,102
Average Essex County Tax Bill
$1,202
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Millers Tavern, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23115 | $676 | $869 | $1,102 | $1,394 | $1,801 |
Source: Ownwell