West Point, Virginia Property Taxes
The median property tax rate in West Point, 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 West Point, the typical annual property tax bill reaches $791, significantly below the national median of $2,690. Property taxes in West Point 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 West Point'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 West Point 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
West Point, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$791
Ownwell’s West Point Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in West Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Point 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 West Point, Virginia
Property taxes in West Point, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Point is 0.55%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within West Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Point 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 West Point's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23181 zip code has the highest median property tax rate of 0.55%, while the 23181 zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with West Point 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 West Point 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 West Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23181 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across West Point, Virginia
In West Point, 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 King and Queen 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 West Point, 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 West Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in West Point is $143,800, with tax bills ranging from $461 at the 25th percentile to $1,333 at the 90th percentile. The zip code 23181 has the highest and lowest median tax bill at $791.
Average West Point Assessed Value
$143,800
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 West Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23181 | $67,120 | $83,750 | $143,800 | $203,200 | $242,340 |
Source: Ownwell
Property Tax Bills Across West Point, Virginia
In West Point, VA, within King and Queen County, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in this area is $143,800. 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 or renovations can influence the assessed value. Homeowners in West Point experience a range of property tax bills. At the 25th percentile, the tax bill is $461, while at the 75th percentile, it rises to $1118. For those in the 90th percentile, the tax bill can be as high as $1333. These variations highlight how different property values and assessments can significantly affect what homeowners owe. Compared to the national median property tax rate of 0.99%, West Point's tax rates provide a context for understanding local tax obligations and their impact on household finances.
Average West Point Tax Bill
$791
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 West Point, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23181 | $369 | $461 | $791 | $1,118 | $1,333 |
Source: Ownwell