Urbanna, Virginia Property Taxes
The median property tax rate in Urbanna, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Urbanna at $252,300, the typical annual property tax bill comes to $1,538, which is well below the national median of $2,690. Property taxes in Urbanna are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Urbanna'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 Urbanna 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
Urbanna, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,539
Ownwell’s Urbanna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Urbanna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Urbanna 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 Urbanna, Virginia
Property taxes in Urbanna, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Urbanna is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Urbanna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Urbanna 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 Urbanna's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23175 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Urbanna provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Urbanna Tax Rate
0.61%
Average Middlesex County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Urbanna, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23175 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Urbanna, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Urbanna, Virginia. 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 Middlesex 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 Urbanna, 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 Urbanna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Urbanna, the zip code with the highest median tax bill is 23175, amounting to $1,538, which is significantly below the national median property tax rate of 0.99%.
Average Urbanna Assessed Value
$252,300
Average Middlesex County Assessed Value
$256,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Urbanna, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23175 | $70,520 | $157,900 | $252,300 | $385,550 | $581,740 |
Source: Ownwell
Property Tax Bills Across Urbanna, Virginia
In Urbanna, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate, applied to this assessed value, is set by Middlesex County. For homeowners in Urbanna, the median home price is $252,300. Property tax bills can vary significantly, with the 25th percentile at $962 and the 75th percentile reaching $2,330. For those in the 90th percentile, the tax bill can climb to $3,534. These figures indicate that while some homeowners pay relatively modest amounts, others may face substantially higher tax bills. The median property tax rate in Urbanna is notably higher than the national median of 0.99%, reflecting the specific economic and policy conditions of the area. Understanding these factors is crucial for homeowners as they directly impact the affordability and financial planning associated with homeownership in Urbanna.
Average Urbanna Tax Bill
$1,538
Average Middlesex County Tax Bill
$1,538
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Urbanna, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23175 | $434 | $962 | $1,538 | $2,330 | $3,534 |
Source: Ownwell