Gloucester Point, Virginia Property Taxes
The median property tax rate in Gloucester Point, VA is 0.59%, 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 Point at $281,050, the typical annual property tax bill reaches $1,661, well below the national median of $2,690. Property taxes in Gloucester Point 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 Point'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 Point 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 Point, 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 Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gloucester Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gloucester Point 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 Point, Virginia
Property taxes in Gloucester Point, Virginia, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gloucester Point is 0.59%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Gloucester Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gloucester Point 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 Point's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23062 zip code has the highest median property tax rate of 0.59%, while the same 23062 zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Gloucester Point provides valuable insights into the varying tax landscape across Gloucester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gloucester Point Tax Rate
0.59%
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 Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23062 | 0.58% | 0.59% | 0.59% | 0.59% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Gloucester Point, Virginia
In Gloucester Point, 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 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. Assessment notices in Gloucester Point 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 Gloucester Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 23062, with a tax bill of $1,661.
Property Tax Assessment Values Across Gloucester Point, Virginia
Source: Ownwell
$245,780
$320,235
$394,690
Average Gloucester Point Assessed Value
$281,050
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 Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23062 | $202,380 | $241,725 | $281,050 | $353,085 | $468,530 |
Source: Ownwell
Property Tax Bills Across Gloucester Point, Virginia
In Gloucester Point, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the Gloucester County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Gloucester Point can expect their tax bills to vary depending on the assessed value of their property and the specific tax rate applied. For instance, the median home price in Gloucester Point is $281,050. Homeowners in the 25th percentile of tax bills pay around $1,433 annually, while those in the 75th percentile face tax bills of approximately $2,105. The top 10% of taxpayers can see bills as high as $2,849. The median tax bill for the area stands at $1,661, which is relatively lower than the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their overall housing costs and potentially affecting their financial planning and budgeting. Understanding how these factors interplay helps homeowners better anticipate their annual financial obligations.
Average Gloucester Point Tax Bill
$1,661
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 Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23062 | $1,171 | $1,433 | $1,661 | $2,105 | $2,849 |
Source: Ownwell