Hacksneck, Virginia Property Taxes
The median property tax rate in Hacksneck, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $132,850 in Hacksneck, the typical annual property tax bill is around $790, which is well below the national median of $2,690. Property taxes in Hacksneck 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 properties. Understanding Hacksneck's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hacksneck or another part of Accomack County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hacksneck, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$797
Ownwell’s Hacksneck Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hacksneck with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hacksneck 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 Hacksneck, Virginia
Property taxes in Hacksneck, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hacksneck is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Hacksneck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hacksneck 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 Hacksneck's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23358 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Hacksneck 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 Hacksneck 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 Hacksneck, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23358 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Hacksneck, Virginia
In Hacksneck, 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 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 Hacksneck, 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. The median home price in Hacksneck is $132,850, with tax bills ranging from $317 at the 25th percentile to $2,207 at the 90th percentile. The zip code 23358 has the highest and lowest median tax bill of $790. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hacksneck Assessed Value
$132,850
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 Hacksneck, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23358 | $27,500 | $53,225 | $132,850 | $311,975 | $383,500 |
Source: Ownwell
Property Tax Bills Across Hacksneck, Virginia
In Hacksneck, located in Accomack County, VA, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local government assessors who evaluate the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $132,850, homeowners can expect varying tax bills. Several factors influence the property tax bill, including the property's location, size, and any improvements or additions made. The 25th percentile tax bill in Hacksneck is $317, while the 75th percentile reaches $1,856, and the 90th percentile peaks at $2,207. These figures illustrate the range of property tax obligations homeowners may face. The highest and lowest median tax bills in the area are both $790, found in the zip code 23358, indicating some consistency within that locality. This variability in tax bills can significantly impact homeowners' annual budgeting and financial planning.
Average Hacksneck Tax Bill
$790
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hacksneck, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23358 | $164 | $317 | $790 | $1,856 | $2,207 |
Source: Ownwell