Waverly, Virginia Property Taxes
The median property tax rate in Waverly, VA is 0.71%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Waverly at $170,850, the typical annual property tax bill amounts to $1,213, well below the national median of $2,690. Property taxes in Waverly 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 Waverly'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 Waverly 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
Waverly, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,213
Ownwell’s WAVERLY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WAVERLY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAVERLY 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 Waverly, Virginia
Property taxes in Waverly, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 0.71%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23890 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Waverly provides valuable insights into the varying tax landscape across Surry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waverly Tax Rate
0.71%
Average Surry County Tax Rate
0.71%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23890 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waverly, VA. 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 Surry 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 Waverly, 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 Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Waverly, the highest median tax bill is $1,213 in the 23890 zip code, which is significantly lower than the national median property tax rate of 0.99%.
Average Waverly Assessed Value
$170,850
Average Surry County Assessed Value
$193,150
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waverly, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23890 | $47,660 | $105,175 | $170,850 | $292,450 | $384,900 |
Source: Ownwell
Property Tax Bills Across Waverly, Virginia
In WAVERLY, VA, property tax bills are calculated based on the assessed value of the property, which is determined by local government assessors. The tax rate is applied to this assessed value to calculate the annual property tax bill. For instance, a median home price in WAVERLY is $170,850. Homeowners in this area can expect their tax bills to vary significantly, with the 25th percentile tax bill at $747 and the 75th percentile reaching $2,076. The highest median tax bill in the county is $1,213, which is notable as it is above the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and improvements. Higher property taxes can impact homeowners by increasing their annual expenses, but they also contribute to local services such as schools and infrastructure. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate their annual property tax obligations.
Average Waverly Tax Bill
$1,213
Average Surry County Tax Bill
$1,371
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23890 | $338 | $747 | $1,213 | $2,076 | $2,733 |
Source: Ownwell