King And Queen Court House, Virginia Property Taxes
The median property tax rate in King and Queen Court House, VA is 0.55%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in King and Queen Court House, the typical annual property tax bill reaches $887, significantly below the national median of $2,690. Property taxes in King and Queen Court House 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 King and Queen Court House'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 King and Queen Court House 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
King And Queen Court House, 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 King and Queen Court House Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in King and Queen Court House with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in King and Queen Court House to project your property tax bill. This valuable tool helps you grasp potential tax obligations. For those interested in neighborhood-level trends, more detailed information is available below. Your property’s assessed value is determined by the county for tax purposes, considering any applicable exemptions.
Property Tax Rates Across King And Queen Court House, Virginia
Property taxes in King and Queen Court House, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in King and Queen Court House is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within King and Queen Court House set these rates annually, and they can vary significantly across different neighborhoods. Each year, King and Queen Court House 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 King and Queen Court House's effective property tax rate to other counties in Virginia and the national median. For comparison, the highest median property tax rate within the same ZIP code, 23085, is also 0.55%, while the lowest median tax rate in the same ZIP code is 0.55%. Understanding how these figures compare with King and Queen Court House provides valuable insights into the varying tax landscape across King and Queen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average King And Queen Court House Tax Rate
0.55%
Average King And Queen County Tax Rate
0.55%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across King And Queen Court House, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23085 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across King And Queen Court House, Virginia
In King and Queen Court House, 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. 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 King and Queen Court House helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $161,300, with tax bills ranging from $544 at the 25th percentile to $2,216 at the 90th percentile. The zip code 23085 has the highest and lowest median tax bill, both at $887.
Property Tax Assessment Values Across King And Queen Court House, Virginia
Source: Ownwell
$112,200
$144,850
$177,500
Average King And Queen Court House Assessed Value
$161,300
Average King And Queen County Assessed Value
$136,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across King And Queen Court House, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23085 | $48,800 | $98,900 | $161,300 | $263,850 | $403,000 |
Source: Ownwell
Property Tax Bills Across King And Queen Court House, Virginia
In King and Queen Court House, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the property’s market value, considering factors such as location, size, and condition. Homeowners in this area experience varying tax bills, with the 25th percentile paying around $544, while those in the 75th percentile see bills closer to $1,451. At the 90th percentile, tax bills can reach up to $2,216. The median home price in King and Queen Court House is $161,300, and the median tax bill is $887. This figure aligns with the national median property tax rate of 0.99%, highlighting a balanced tax burden for residents. These property tax rates significantly impact homeowners by influencing their overall housing costs, potentially affecting affordability and financial planning. Understanding these factors helps homeowners better prepare for their annual property tax obligations.
Average King And Queen Court House Tax Bill
$887
Average King And Queen County Tax Bill
$749
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across King And Queen Court House, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23085 | $268 | $544 | $887 | $1,451 | $2,216 |
Source: Ownwell