Chincoteague Island, Virginia Property Taxes
The median property tax rate in Chincoteague Island, VA is 0.47%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Chincoteague Island at $209,600, the typical annual property tax bill reaches $976, well below the national median of $2,690. Property taxes in Chincoteague Island 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 Chincoteague Island'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 Chincoteague Island 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
Chincoteague Island, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$985
Ownwell’s Chincoteague Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chincoteague Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chincoteague Island 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 Chincoteague Island, Virginia
Property taxes on Chincoteague Island, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate on Chincoteague Island is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Chincoteague Island set these rates annually, and they can vary across different neighborhoods. Each year, Chincoteague Island 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 Chincoteague Island's effective property tax rate to other areas in Accomack County and the national median. For comparison, the zip code 23337 has the highest median property tax rate of 0.47%, while zip code 23336 has the lowest median tax rate of 0.47%. Understanding how these areas compare with Chincoteague Island provides valuable insights into the varying tax landscape across Accomack County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chincoteague Island Tax Rate
0.47%
Average Accomack County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chincoteague Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23336 | 0.46% | 0.46% | 0.47% | 0.47% | 0.47% |
| 23337 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Chincoteague Island, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chincoteague Island, Virginia. The market value represents 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 Accomack County Assessor 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. 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. In Chincoteague Island, the median home price is $209,600. The highest median tax bill is $976 in the 23336 zip code, while the lowest median tax bill is $267 in the 23337 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Chincoteague Island, Virginia
Source: Ownwell
$20,200
$270,100
$520,000
Average Chincoteague Island Assessed Value
$209,600
Average Accomack County Assessed Value
$110,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chincoteague Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23336 | $57,480 | $131,800 | $209,600 | $321,350 | $443,100 |
| 23337 | $57,400 | $57,400 | $57,400 | $57,400 | $57,400 |
Source: Ownwell
Property Tax Bills Across Chincoteague Island, Virginia
Property tax bills in Chincoteague Island, located in Accomack County, VA, are calculated based on the assessed value of a property. The assessed value is determined by local government assessors who evaluate the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Chincoteague Island, the median home price is $209,600. Property tax bills can vary significantly, with the 25th percentile paying around $616 annually, while those in the 75th percentile pay approximately $1,495. At the higher end, the 90th percentile sees tax bills reaching up to $2,062. The highest median tax bill in the area is $976, found in the 23336 zip code, while the lowest median tax bill is $267 in the 23337 zip code. These property tax bills are crucial for funding local services and infrastructure, impacting homeowners by contributing to the overall cost of owning a home in Chincoteague Island.
Average Chincoteague Island Tax Bill
$976
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Chincoteague Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23336 | $268 | $617 | $976 | $1,495 | $2,062 |
| 23337 | $267 | $267 | $267 | $267 | $267 |
Source: Ownwell