Shipman, Virginia Property Taxes
The median property tax rate in Shipman, VA is 0.65%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Shipman being $94,000, the typical annual property tax bill reaches $557, significantly below the national median of $2,690. Property taxes in Shipman 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 Shipman’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 Shipman 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
Shipman, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$611
Ownwell’s SHIPMAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SHIPMAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SHIPMAN 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 Shipman, Virginia
Property taxes in Shipman, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shipman is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Shipman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shipman 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 Shipman's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 22971 has both the highest and lowest median property tax rate of 0.65%, indicating a uniform rate within the region. Understanding how these areas compare with Shipman provides valuable insights into the varying tax landscape across Nelson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shipman Tax Rate
0.65%
Average Nelson County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shipman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22971 | 0.48% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Shipman, Virginia
In Shipman, 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 Nelson 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 Shipman, 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 Shipman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, Shipman has a median home price of $94,000, with the highest and lowest median tax bills both being $557 in the 22971 zip code.
Average Shipman Assessed Value
$94,000
Average Nelson County Assessed Value
$144,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shipman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22971 | $9,000 | $26,200 | $94,000 | $206,000 | $354,160 |
Source: Ownwell
Property Tax Bills Across Shipman, Virginia
In Shipman, Nelson County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the property's market value. The tax rate, applied to this assessed value, dictates the final tax bill. Homeowners in Shipman can expect tax bills to vary significantly. For example, the 25th percentile tax bill is $154, while the 75th percentile reaches $1,278, and the 90th percentile goes up to $2,095. These figures illustrate the range of tax burdens homeowners might face, depending on their property's assessed value. With a median home price of $94,000, the property tax rate in Shipman can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, Shipman homeowners may find their tax bills relatively manageable. However, understanding these factors is crucial for budgeting and financial planning, ensuring that homeowners are prepared for their annual property tax obligations.
Average Shipman Tax Bill
$557
Average Nelson County Tax Bill
$896
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Shipman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22971 | $45 | $154 | $557 | $1,278 | $2,095 |
Source: Ownwell