Powhatan, Virginia Property Taxes
The median property tax rate in Powhatan, VA is 0.83%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Powhatan at $287,900, the typical annual property tax bill reaches $2,345, falling below the national median of $2,690. Property taxes in Powhatan are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Powhatan'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 Powhatan or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Powhatan, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,390
Ownwell’s Powhatan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Powhatan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Powhatan 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 Powhatan, Virginia
Property taxes in Powhatan, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Powhatan is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Powhatan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Powhatan 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 Powhatan's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23139 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Powhatan provides valuable insights into the varying tax landscape across Powhatan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Powhatan Tax Rate
0.83%
Average Powhatan County Tax Rate
0.82%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Powhatan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23139 | 0.69% | 0.77% | 0.83% | 0.85% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Powhatan, Virginia
In Powhatan, 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 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 Powhatan, 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 Powhatan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23139 has the highest median tax bill at $2,345, which is also the lowest in the region.
Average Powhatan Assessed Value
$287,900
Average Powhatan County Assessed Value
$297,850
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Powhatan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23139 | $161,100 | $214,750 | $287,900 | $398,250 | $555,900 |
Source: Ownwell
Property Tax Bills Across Powhatan, Virginia
In Powhatan, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value reflects the market value of the home, and the tax rate is applied to this value to calculate the annual property tax bill. The median home price in Powhatan is $287,900, and with property tax rates in the area, homeowners can expect varying tax bills. For instance, the tax bill at the 25th percentile is $1,744, while at the 75th percentile, it rises to $3,128. At the higher end, the 90th percentile tax bill reaches $4,190. The highest median tax bill in the region is $2,345, which is specific to the 23139 zip code. Compared to the national median property tax rate of 0.99%, Powhatan's rates can significantly impact homeowners, especially those with higher-valued properties. These taxes fund essential local services, such as schools and public safety, making them a crucial part of community infrastructure.
Average Powhatan Tax Bill
$2,345
Average Powhatan County Tax Bill
$2,424
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Powhatan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23139 | $1,121 | $1,744 | $2,345 | $3,128 | $4,190 |
Source: Ownwell