Gloucester, Virginia Property Taxes
The median property tax rate in Gloucester, VA is 0.58%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Gloucester at $282,970, the typical annual property tax bill reaches $1,649, which is significantly below the national median of $2,690. Property taxes in Gloucester are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gloucester'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 Gloucester 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
Gloucester, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Gloucester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gloucester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gloucester 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 Gloucester, Virginia
Property taxes in Gloucester, VA, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gloucester is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Gloucester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gloucester 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 Gloucester's effective property tax rate to the national median. For comparison, the zip code 23061 has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these figures compare with Gloucester provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gloucester Tax Rate
0.58%
Average Gloucester County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gloucester, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23061 | 0.58% | 0.58% | 0.58% | 0.58% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Gloucester, Virginia
In Gloucester, 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 local appraisal authorities 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 Gloucester, 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. Gloucester’s median home price is $282,970, with tax bills ranging from $1,242 at the 25th percentile to $2,864 at the 90th percentile. The zip code 23061 has the highest and lowest median tax bill of $1,649. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gloucester Assessed Value
$282,970
Average Gloucester County Assessed Value
$281,095
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gloucester, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23061 | $140,894 | $215,740 | $282,970 | $375,160 | $489,238 |
Source: Ownwell
Property Tax Bills Across Gloucester, Virginia
Property tax bills in Gloucester, VA, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor’s office, which evaluates the property’s market value. Homeowners in Gloucester can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the median home price in Gloucester is $282,970, which serves as a benchmark for calculating property taxes. The tax bill for homes in the 25th percentile is around $1,242, while those in the 75th percentile pay about $2,190. At the higher end, the 90th percentile sees tax bills reaching $2,864. The highest and lowest median tax bills in Gloucester are both $1,649, occurring in the 23061 zip code. Compared to the national median property tax rate of 0.99%, Gloucester offers a range of property tax bills that reflect the diverse property values within the city. This variation can significantly impact homeowners' financial planning and overall housing affordability.
Average Gloucester Tax Bill
$1,649
Average Gloucester County Tax Bill
$1,643
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Gloucester, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23061 | $764 | $1,242 | $1,649 | $2,190 | $2,864 |
Source: Ownwell