Smithfield, Virginia Property Taxes
The median property tax rate in Smithfield, VA is 0.72%, 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 Smithfield at $305,500, the typical annual property tax bill is $2,142, falling below the national median of $2,690. Property taxes in Smithfield 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 Smithfield'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 Smithfield 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
Smithfield, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$2,200
Ownwell’s Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, Virginia
Property taxes in Smithfield, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 0.72%, lower than the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23430 zip code has the highest median property tax rate of 0.72%, while the 23430 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Smithfield 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 Smithfield Tax Rate
0.72%
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 Smithfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23430 | 0.71% | 0.72% | 0.72% | 0.73% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Virginia
In Smithfield, 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 Smithfield, 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. The median home price in Smithfield stands at $305,500, with the 25th percentile tax bill at $923 and the 75th percentile tax bill at $3,154. 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithfield Assessed Value
$305,500
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 Smithfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23430 | $25,000 | $149,550 | $305,500 | $447,650 | $598,260 |
Source: Ownwell
Property Tax Bills Across Smithfield, Virginia
In Smithfield, Isle of Wight County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value is then multiplied by the local property tax rate to arrive at the annual tax bill. For instance, with a median home price of $305,500, the property tax bill can vary significantly. Homeowners in the 25th percentile might see a tax bill around $923, while those in the 75th percentile could pay approximately $3,154. At the 90th percentile, the tax bill can reach as high as $4,226. These variations can have substantial effects on homeowners, influencing their annual budgeting and long-term financial planning. Notably, Smithfield’s highest and lowest median tax bills are both reported at $2,142 in the 23430 zip code, offering a unique consistency. Compared to the national median property tax rate of 0.99%, homeowners in Smithfield experience a range of tax burdens that reflect the assessed values and local tax policies.
Average Smithfield Tax Bill
$2,142
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 Smithfield, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23430 | $105 | $923 | $2,142 | $3,154 | $4,226 |
Source: Ownwell