Zuni, Virginia Property Taxes
The median property tax rate in Zuni, 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 Zuni at $250,750, the typical annual property tax bill amounts to $1,760, falling below the national median of $2,690. Property taxes in Zuni are determined based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Zuni's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Zuni or another part of Isle of Wight County, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Zuni, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,830
Ownwell’s Zuni Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Zuni with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Zuni 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 Zuni, Virginia
Property taxes in Zuni, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Zuni is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Zuni set these rates annually, and they can vary significantly across different neighborhoods. Each year, Zuni 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 Zuni's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23898 ZIP code has both the highest and the lowest median property tax rates in the Isle of Wight County, standing at 0.73%. Understanding how these areas compare with Zuni 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 Zuni 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 Zuni, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23898 | 0.71% | 0.72% | 0.73% | 0.73% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Zuni, Virginia
In Zuni, 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 Zuni, 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. For instance, the median home price in Zuni is $250,750, with tax bills ranging from $621 at the 25th percentile to $3,312 at the 90th percentile. The highest and lowest median tax bills are both $1,760 in the 23898 zip code. By understanding 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 Zuni helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Zuni Assessed Value
$250,750
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 Zuni, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23898 | $30,430 | $120,450 | $250,750 | $350,675 | $463,300 |
Source: Ownwell
Property Tax Bills Across Zuni, Virginia
In Zuni, property tax bills are calculated based on the assessed value of a home, which is determined by the Isle of Wight County tax assessor. The assessed value is an estimate of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For example, the median home price in Zuni is $250,750. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $621 and the 75th percentile reaching $2,488. The highest median tax bill recorded in the area is $1,760, which is considerably lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners in Zuni need to be aware of these factors as they can significantly influence their annual financial planning and the overall cost of homeownership.
Average Zuni Tax Bill
$1,760
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 Zuni, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23898 | $127 | $621 | $1,760 | $2,488 | $3,312 |
Source: Ownwell