Colonial Beach, Virginia Property Taxes
The median property tax rate in Colonial Beach, VA is 0.62%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $100,300 in Colonial Beach, the typical annual property tax bill is around $471, well below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Colonial Beach'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 Colonial Beach or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colonial Beach, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$622
Ownwell’s Colonial Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colonial Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colonial Beach 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 Colonial Beach, Virginia
Property taxes in Colonial Beach, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colonial Beach is 0.62%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Colonial Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colonial Beach 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 Colonial Beach's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 22443 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Colonial Beach provides valuable insights into the varying tax landscape across Westmoreland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colonial Beach Tax Rate
0.62%
Average Westmoreland County Tax Rate
0.62%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colonial Beach, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22443 | 0.40% | 0.40% | 0.62% | 0.62% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Colonial Beach, Virginia
In Colonial Beach, 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 Westmoreland 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 Colonial Beach, 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 Colonial Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Colonial Beach are both $471.00, found in the zip code 22443.
Property Tax Assessment Values Across Colonial Beach, Virginia
Source: Ownwell
$21,700
$133,300
$244,900
Average Colonial Beach Assessed Value
$100,300
Average Westmoreland County Assessed Value
$52,550
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colonial Beach, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22443 | $4,200 | $12,500 | $100,300 | $213,375 | $310,250 |
Source: Ownwell
Property Tax Bills Across Colonial Beach, Virginia
In Colonial Beach, VA, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The median home price in Colonial Beach is $100,300. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thereby impacting the tax bill. Homeowners in Colonial Beach can expect varying tax bills. For instance, the 25th percentile tax bill is around $97, while the 75th percentile reaches up to $1,101. At the higher end, the 90th percentile tax bill can go up to $1,634. Comparatively, the highest and lowest median tax bills in the area are both $471, indicating a relatively consistent tax rate within the zip code 22443. These property taxes fund essential community services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated and what influences them can help homeowners better manage their financial planning and property investments.
Average Colonial Beach Tax Bill
$471
Average Westmoreland County Tax Bill
$310
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Colonial Beach, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22443 | $17 | $97 | $471 | $1,101 | $1,634 |
Source: Ownwell