Hampton, Virginia Property Taxes
The median property tax rate in Hampton, VA is 1.14%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hampton at $223,400, the typical annual property tax bill reaches $2,411, which is below the national median of $2,690. Property taxes in Hampton 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 Hampton'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 Hampton 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
Hampton, 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 Hampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton 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 Hampton, Virginia
Property taxes in Hampton, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 1.14%, which is higher than the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23681 zip code has the highest median property tax rate of 1.23%, while the 23664 zip code has the lowest median tax rate of 1.12%. Understanding how these areas compare with Hampton 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 Hampton Tax Rate
1.14%
Average Hampton County Tax Rate
1.14%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23661 | 0.96% | 1.11% | 1.17% | 1.20% | 1.22% |
| 23663 | 0.99% | 1.06% | 1.13% | 1.17% | 1.21% |
| 23664 | 0.99% | 1.08% | 1.12% | 1.16% | 1.20% |
| 23666 | 1.01% | 1.09% | 1.13% | 1.17% | 1.20% |
| 23669 | 0.99% | 1.08% | 1.13% | 1.18% | 1.22% |
| 23681 | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, Virginia
In Hampton, 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 Hampton Assessor's Office 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 Hampton, 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 Hampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hampton is in the 23681 zip code at $3,223, while the lowest is in the 23663 zip code at $1,950.
Property Tax Assessment Values Across Hampton, Virginia
Source: Ownwell
$117,300
$10,527,050
$20,936,800
Average Hampton Assessed Value
$223,400
Average Hampton County Assessed Value
$222,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23661 | $116,240 | $139,300 | $181,200 | $237,600 | $304,500 |
| 23663 | $125,320 | $147,100 | $180,000 | $227,000 | $276,440 |
| 23664 | $151,200 | $194,100 | $266,300 | $365,900 | $498,600 |
| 23666 | $146,800 | $185,200 | $238,600 | $303,900 | $378,100 |
| 23669 | $127,500 | $170,300 | $232,400 | $298,775 | $365,570 |
| 23681 | $262,100 | $262,100 | $262,100 | $262,100 | $262,100 |
Source: Ownwell
Property Tax Bills Across Hampton, Virginia
In Hampton, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. 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 $223,400, homeowners can expect varying tax bills depending on their specific property and neighborhood. The tax bill for the 25th percentile is $1,801, while it rises to $3,155 at the 75th percentile and $4,029 at the 90th percentile. Factors such as property location, size, and improvements can influence the assessed value, impacting the overall tax bill. Homeowners in the zip code 23681 face the highest median tax bill at $3,223, compared to the lowest median tax bill of $1,950 in zip code 23663. Understanding these factors is crucial for homeowners as property taxes significantly affect annual housing costs, making it essential to stay informed about local tax assessments and rates.
Average Hampton Tax Bill
$2,411
Average Hampton County Tax Bill
$2,401
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23661 | $1,243 | $1,545 | $2,019 | $2,634 | $3,348 |
| 23663 | $1,270 | $1,593 | $1,950 | $2,442 | $3,021 |
| 23664 | $1,580 | $2,066 | $2,842 | $3,925 | $5,298 |
| 23666 | $1,249 | $1,999 | $2,588 | $3,262 | $4,084 |
| 23669 | $1,335 | $1,813 | $2,501 | $3,231 | $4,019 |
| 23681 | $3,223 | $3,223 | $3,223 | $3,223 | $3,223 |
Source: Ownwell