Poquoson, Virginia Property Taxes
The median property tax rate in Poquoson, VA is 1.11%, considerably higher than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Poquoson at $369,650, the typical annual property tax bill reaches $4,097, exceeding the national median of $2,690. Property taxes in Poquoson 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 Poquoson'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 Poquoson 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
Poquoson, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$4,103
Ownwell’s Poquoson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Poquoson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Poquoson 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 Poquoson, Virginia
Property taxes in Poquoson, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Poquoson is 1.11%, higher than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Poquoson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Poquoson 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 Poquoson's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23662 zip code has both the highest and lowest median property tax rate of 1.11%. Understanding how these cities compare with Poquoson provides valuable insights into the varying tax landscape across Poquoson, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Poquoson Tax Rate
1.11%
Average Poquoson County Tax Rate
1.11%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Poquoson, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23662 | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Poquoson, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Poquoson, 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 local 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 Poquoson, 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 Poquoson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the zip code 23662 is $4,097, highlighting the importance of understanding these valuations.
Average Poquoson Assessed Value
$369,650
Average Poquoson County Assessed Value
$369,650
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Poquoson, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23662 | $211,900 | $280,125 | $369,650 | $488,175 | $626,500 |
Source: Ownwell
Property Tax Bills Across Poquoson, Virginia
In Poquoson, VA, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is based on the home's market value, which is periodically evaluated by local assessors. Homeowners in Poquoson experience varying tax bills depending on their property's assessed value. For instance, the median home price in Poquoson is $369,650, and the median property tax bill is $4,097. Factors influencing the tax bill include the home's location, size, and improvements, alongside any applicable exemptions or deductions. The tax bill can significantly impact homeowners, with those in the 25th percentile paying around $3,078, while those in the 75th percentile face bills up to $5,415. For the top 10% of properties, tax bills can reach as high as $6,949. These figures underscore the importance of understanding property assessments and potential appeals to manage tax liabilities effectively.
Average Poquoson Tax Bill
$4,097
Average Poquoson County Tax Bill
$4,097
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Poquoson, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23662 | $2,330 | $3,078 | $4,097 | $5,415 | $6,949 |
Source: Ownwell