Toano, Virginia Property Taxes
The median property tax rate in Toano, VA is 0.83%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $319,400 in Toano, the typical annual property tax bill is around $2,605, slightly below the national median of $2,690. Property taxes in Toano are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with Toano'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 Toano or another part of James City County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Toano, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,651
Ownwell’s Toano Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toano with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toano 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 Toano, Virginia
Property taxes in Toano, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toano is 0.83%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Toano set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toano 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 Toano's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23168 has both the highest and the lowest median property tax rate of 0.83%. Understanding how these cities compare with Toano provides valuable insights into the varying tax landscape across James City County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toano Tax Rate
0.83%
Average James City County Tax Rate
0.83%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toano, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23168 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Toano, Virginia
In Toano, 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 James City 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 Toano, 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 Toano helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 23168, both at $2,605.
Average Toano Assessed Value
$319,400
Average James City County Assessed Value
$333,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toano, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23168 | $184,260 | $233,600 | $319,400 | $424,050 | $531,920 |
Source: Ownwell
Property Tax Bills Across Toano, Virginia
In Toano, located in James City County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county's assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in this region face a median property tax rate of 0.99%, which aligns with the national median. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, in Toano, the median home price is $319,400, resulting in varying tax bills across different percentiles. The 25th percentile tax bill is approximately $1,879, while the 75th percentile reaches around $3,433, and the 90th percentile can go up to $4,302. These property taxes significantly impact homeowners by contributing to local services such as public education, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Toano Tax Bill
$2,605
Average James City County Tax Bill
$2,739
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Toano, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23168 | $1,471 | $1,879 | $2,605 | $3,433 | $4,302 |
Source: Ownwell