Capeville, Virginia Property Taxes
The median property tax rate in Capeville, VA is 0.76%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Capeville at $497,600, the typical annual property tax bill reaches $3,782, surpassing the national median of $2,690. Property taxes in Capeville 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 Capeville'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 Capeville 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
Capeville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$3,782
Ownwell’s Capeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Capeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Capeville 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 Capeville, Virginia
Property taxes in Capeville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Capeville is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Capeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Capeville 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 Capeville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23313 has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Capeville provides valuable insights into the varying tax landscape across Northampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Capeville Tax Rate
0.76%
Average Northampton County Tax Rate
0.76%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Capeville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23313 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Capeville, Virginia
In Capeville, 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 Northampton 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 Capeville, 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. The median home price in Capeville stands at $497,600, with the highest median tax bill amounting to $3,782 in zip code 23313. 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 Capeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Capeville Assessed Value
$497,600
Average Northampton County Assessed Value
$142,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Capeville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23313 | $497,600 | $497,600 | $497,600 | $497,600 | $497,600 |
Source: Ownwell
Property Tax Bills Across Capeville, Virginia
In Capeville, Northampton County, VA, property tax bills are calculated using the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the market value of the property. Homeowners in Capeville face a median property tax bill of $3,782, which is notably higher than the national median property tax rate of 0.99%. This discrepancy highlights the importance of understanding local property tax regulations and their impact on household budgets. Several factors contribute to the final tax bill, including the property's location, size, and any improvements made. These elements are crucial in determining the assessed value, which directly influences the tax amount. For homeowners, this means that property taxes can significantly affect annual expenses, potentially making Capeville a more costly place to own a home compared to other regions. Understanding these factors can help homeowners better manage their finances and plan for future tax obligations.
Average Capeville Tax Bill
$3,782
Average Northampton County Tax Bill
$1,083
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Capeville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23313 | $3,782 | $3,782 | $3,782 | $3,782 | $3,782 |
Source: Ownwell