Greenbush, Virginia Property Taxes
The median property tax rate in Greenbush, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Greenbush, the typical annual property tax bill is $357, well below the national median of $2,690. Property taxes in Greenbush are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Greenbush'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 Greenbush 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
Greenbush, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$360
Ownwell’s Greenbush Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenbush with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenbush 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 Greenbush, Virginia
Property taxes in Greenbush, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenbush is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Greenbush set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenbush 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 Greenbush's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23357 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Greenbush 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 Greenbush Tax Rate
0.60%
Average Accomack County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenbush, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23357 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Greenbush, Virginia
In Greenbush, 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 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. In Greenbush, 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 Greenbush helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Greenbush are both $357, found in zip code 23357.
Average Greenbush Assessed Value
$60,000
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 Greenbush, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23357 | $23,300 | $28,800 | $60,000 | $107,100 | $171,700 |
Source: Ownwell
Property Tax Bills Across Greenbush, Virginia
Property tax bills in Greenbush, Accomack County, VA, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Greenbush, the median home price is $60,000. The property tax rates in this area can lead to a variety of tax bills, with the 25th percentile at $171 and the 75th percentile at $637. The 90th percentile tax bill can go up to $1,022. These factors significantly impact homeowners as they directly influence the amount they need to budget for property taxes annually. Compared to the national median property tax rate of 0.99%, Greenbush's property tax rates can be quite variable, affecting the affordability and financial planning for residents. For instance, in the zip code 23357, the median tax bill is $357, which provides a benchmark for homeowners to estimate their potential tax obligations.
Average Greenbush Tax Bill
$357
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenbush, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23357 | $139 | $171 | $357 | $637 | $1,022 |
Source: Ownwell