Boykins, Virginia Property Taxes
The median property tax rate in Boykins, VA is 0.89%, aligning with the Virginia state median but still lower than the national median of 0.99%. With the median home value in Boykins at $94,800, the typical annual property tax bill is approximately $908, significantly below the national median of $2,690. Property taxes in Boykins are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Familiarizing yourself with Boykins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Boykins or another part of Southampton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boykins, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$844
Ownwell’s Boykins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boykins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boykins 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 Southampton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Boykins, Virginia
Property taxes in Boykins, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boykins is 0.89%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Boykins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boykins 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 Boykins' effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23827 has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Boykins provides valuable insights into the varying tax landscape across Southampton, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boykins Tax Rate
0.89%
Average Southampton County Tax Rate
0.89%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boykins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23827 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Boykins, Virginia
In Boykins, 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 Southampton 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 Boykins, 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 Boykins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 23827 has the highest median tax bill of $908.00, which is also the lowest median tax bill in the area.
Average Boykins Assessed Value
$94,800
Average Southampton County Assessed Value
$133,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boykins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23827 | $28,420 | $61,200 | $94,800 | $148,200 | $246,980 |
Source: Ownwell
Property Tax Bills Across Boykins, Virginia
In Boykins, Southampton County, VA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Boykins is $94,800. Property taxes in this area can vary significantly, with tax bills at the 25th percentile being $492 and those at the 75th percentile reaching $1,542. For the top 10% of homeowners, tax bills can be as high as $2,647. The local tax rate is applied to the assessed value of your property to determine your tax bill. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax amount. Compared to the national median property tax rate of 0.99%, Boykins homeowners face a relatively moderate tax burden. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and overall cost of homeownership in Boykins.
Average Boykins Tax Bill
$908
Average Southampton County Tax Bill
$1,244
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Boykins, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23827 | $231 | $492 | $908 | $1,542 | $2,647 |
Source: Ownwell