Drewryville, Virginia Property Taxes
The median property tax rate in Drewryville, VA is 0.89%, aligning with the Virginia state median but slightly lower than the national median of 0.99%. With the median home value in Drewryville at $106,600, the typical annual property tax bill amounts to $949, which is below the national median of $2,690. Property taxes in Drewryville 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 Drewryville'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 Drewryville 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
Drewryville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$949
Ownwell’s Drewryville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drewryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drewryville 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 Drewryville, Virginia
Property taxes in Drewryville, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drewryville is 0.89%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Drewryville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drewryville 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 Drewryville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23844 zip code has the highest median property tax rate of 0.89%, while the 23844 zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Drewryville provides valuable insights into the varying tax landscape across Southampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drewryville 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 Drewryville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23844 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Drewryville, Virginia
In Drewryville, 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 Drewryville, 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 Drewryville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Drewryville are both $949, found in zip code 23844.
Average Drewryville Assessed Value
$106,600
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 Drewryville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23844 | $42,740 | $69,400 | $106,600 | $163,850 | $308,420 |
Source: Ownwell
Property Tax Bills Across Drewryville, Virginia
In Drewryville, Southampton County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Drewryville is $106,600, which is significantly lower than the national median. Homeowners' tax bills can vary widely, with the 25th percentile paying around $618 annually, while those in the 75th percentile pay about $1,458. At the 90th percentile, the tax bill can reach up to $2,745. The highest and lowest median tax bills in the area are both recorded at $949, indicating a consistent median rate within the zip code 23844. Factors influencing these tax bills include the assessed property value, which is determined by local assessors, and the applicable tax rate set by Southampton County. These taxes fund essential public services such as schools, emergency services, and infrastructure. For homeowners, understanding these factors is crucial as it directly impacts their annual expenses and the overall affordability of their property. Comparing this to the national median property tax rate of 0.99%, Drewryville offers a relatively affordable tax environment for its residents.
Average Drewryville Tax Bill
$949
Average Southampton County Tax Bill
$1,244
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Drewryville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23844 | $380 | $618 | $949 | $1,458 | $2,745 |
Source: Ownwell