Hopewell, Virginia Property Taxes
The median property tax rate in Hopewell, VA is 1.13%, higher than both the national median of 0.99% and Virginia's state median of 0.89%. With the median home value in Hopewell at $138,300, the typical annual property tax bill reaches $1,511, exceeding the national median of $2,690. Property taxes in Hopewell 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 Hopewell'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 Hopewell 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
Hopewell, 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 Hopewell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopewell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopewell 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 Hopewell, Virginia
Property taxes in Hopewell, Virginia, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Hopewell is 1.13%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Hopewell set these rates annually, and they can vary across different neighborhoods. Each year, Hopewell 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 Hopewell's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23860 has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these areas compare with Hopewell provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopewell Tax Rate
1.13%
Average Hopewell County Tax Rate
1.13%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | 0.57% | 1.13% | 1.13% | 1.13% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Hopewell, Virginia
In Hopewell, 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. In Hopewell, 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 Hopewell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hopewell are both $1511, found in the 23860 zip code.
Average Hopewell Assessed Value
$138,300
Average Hopewell County Assessed Value
$138,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | $27,000 | $98,100 | $138,300 | $186,800 | $238,200 |
Source: Ownwell
Property Tax Bills Across Hopewell, Virginia
In Hopewell, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Hopewell can expect their property tax bills to range widely. For instance, the tax bill at the 25th percentile is approximately $976, while those at the 75th percentile pay around $2124. The 90th percentile sees tax bills as high as $2771. To provide some context, the national median property tax rate is 0.99%, which can be used as a benchmark to understand how Hopewell compares. The median home price in Hopewell is $138,300, and the median tax bill is $1511. This indicates that property taxes in Hopewell can have a significant impact on homeowners, potentially influencing their financial planning and decisions related to homeownership. The highest and lowest median tax bills in the area are both $1511, found in the zip code 23860.
Average Hopewell Tax Bill
$1,511
Average Hopewell County Tax Bill
$1,514
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopewell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23860 | $298 | $976 | $1,511 | $2,124 | $2,771 |
Source: Ownwell