Walkerton, Virginia Property Taxes
The median property tax rate in Walkerton, VA is 0.58%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Walkerton, the typical annual property tax bill reaches $1,504, which is well below the national median of $2,690. Property taxes in Walkerton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Walkerton'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 Walkerton or another part of King William County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Walkerton, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,520
Ownwell’s Walkerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walkerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walkerton 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 Walkerton, Virginia
Property taxes in Walkerton, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walkerton is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Walkerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walkerton 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 Walkerton's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23177 has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these areas compare with Walkerton provides valuable insights into the varying tax landscape across King William County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walkerton Tax Rate
0.58%
Average King William County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walkerton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23177 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Walkerton, Virginia
In Walkerton, 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 William 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 Walkerton, 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 Walkerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1504 in zip code 23177.
Average Walkerton Assessed Value
$262,000
Average King William County Assessed Value
$231,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walkerton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23177 | $100,360 | $172,050 | $262,000 | $352,150 | $468,760 |
Source: Ownwell
Property Tax Bills Across Walkerton, Virginia
In Walkerton, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. These assessors evaluate various factors such as the property's size, location, and condition to establish its market value. The tax rate is then applied to this assessed value to determine the annual property tax bill. For instance, with a median home price of $262,000, homeowners in Walkerton can expect varying tax bills. At the 25th percentile, the tax bill is around $991, while at the 75th percentile, it rises to approximately $2042. The 90th percentile sees tax bills reaching up to $2719. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Walkerton's tax rates can significantly impact homeowners, influencing their financial planning and overall cost of living. Understanding these factors helps homeowners anticipate their annual expenses and manage their budgets effectively.
Average Walkerton Tax Bill
$1,504
Average King William County Tax Bill
$1,247
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Walkerton, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23177 | $568 | $991 | $1,504 | $2,042 | $2,719 |
Source: Ownwell