Ivor, Virginia Property Taxes
The median property tax rate in Ivor, VA is 0.73%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Ivor at $202,800, the typical annual property tax bill amounts to $1,414, falling below the national median of $2,690. Property taxes in Ivor are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ivor'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 Ivor or another part of Isle of Wight County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ivor, 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 Ivor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ivor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ivor 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 Ivor, Virginia
Property taxes in Ivor, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ivor is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Ivor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ivor 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 Ivor's effective property tax rate to other areas in Isle of Wight County and the national median. For comparison, the zip code 23866 has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Ivor provides valuable insights into the varying tax landscape across Isle of Wight County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ivor Tax Rate
0.73%
Average Isle Of Wight County Tax Rate
0.72%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ivor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23866 | 0.71% | 0.71% | 0.73% | 0.74% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Ivor, Virginia
In Ivor, 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 Isle of Wight 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 Ivor, 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 Ivor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 23866 has both the highest and lowest median tax bills at $1,414, reflecting the uniformity in assessed values across the region.
Average Ivor Assessed Value
$202,800
Average Isle Of Wight County Assessed Value
$278,300
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ivor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23866 | $17,860 | $57,350 | $202,800 | $324,650 | $446,500 |
Source: Ownwell
Property Tax Bills Across Ivor, Virginia
In Ivor, Isle of Wight County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Ivor is $202,800, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any improvements made can influence the assessed value, thereby affecting the overall tax bill. Homeowners in Ivor can expect varying tax bills depending on their property's assessed value. For instance, tax bills in the 25th percentile are around $364, while those in the 75th percentile can reach $2,336. The 90th percentile tax bills can be as high as $3,176. These figures highlight the range of property tax obligations homeowners may face. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. The highest and lowest median tax bills in Ivor both stand at $1,414, reflecting the specific economic conditions and tax policies in this region.
Average Ivor Tax Bill
$1,414
Average Isle Of Wight County Tax Bill
$1,948
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ivor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23866 | $87 | $364 | $1,414 | $2,336 | $3,176 |
Source: Ownwell