Hampden Sydney, Virginia Property Taxes
The median property tax rate in Hampden Sydney, VA is 0.48%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hampden Sydney at $298,000, the typical annual property tax bill reaches $1,430, which is well below the national median of $2,690. Property taxes in Hampden Sydney are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hampden Sydney'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 Hampden Sydney 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
Hampden Sydney, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$1,430
Ownwell’s Hampden Sydney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampden Sydney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampden Sydney 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 Hampden Sydney, Virginia
Property taxes in Hampden Sydney, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampden Sydney is 0.48%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Hampden Sydney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampden Sydney 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 Hampden Sydney's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23943 zip code has both the highest and lowest median property tax rate of 0.48%. Understanding how these areas compare with Hampden Sydney provides valuable insights into the varying tax landscape across Prince Edward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampden Sydney Tax Rate
0.48%
Average Prince Edward County Tax Rate
0.48%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampden Sydney, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23943 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Hampden Sydney, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hampden Sydney, 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 local authorities 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 Hampden Sydney, 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. For example, the median home price in the area is $298,000, with tax bills ranging from $1,087 at the 25th percentile to $1,979 at the 90th percentile. The highest and lowest median tax bills, both at $1,430, are found in the 23943 zip code. Understanding these valuation concepts helps property owners navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to manage their tax burden effectively.
Property Tax Assessment Values Across Hampden Sydney, Virginia
Source: Ownwell
$102,300
$200,150
$298,000
Average Hampden Sydney Assessed Value
$298,000
Average Prince Edward County Assessed Value
$129,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampden Sydney, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23943 | $183,680 | $226,550 | $298,000 | $369,450 | $412,320 |
Source: Ownwell
Property Tax Bills Across Hampden Sydney, Virginia
In Hampden Sydney, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's market value, improvements, and any applicable exemptions play a crucial role in determining the assessed value. For homeowners in Hampden Sydney, the median home price is $298,000. Tax bills can vary significantly, with the 25th percentile at $1,087 and the 75th percentile at $1,773. At the higher end, the 90th percentile tax bill reaches $1,979. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for how local rates measure up. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners should be aware of these factors to understand their tax obligations and how they contribute to the overall well-being of Hampden Sydney.
Average Hampden Sydney Tax Bill
$1,430
Average Prince Edward County Tax Bill
$622
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampden Sydney, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23943 | $882 | $1,087 | $1,430 | $1,773 | $1,979 |
Source: Ownwell