Melfa, Virginia Property Taxes
The median property tax rate in Melfa, 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 $113,800 in Melfa, the typical annual property tax bill amounts to $677, well below the national median of $2,690. Property taxes in Melfa are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Melfa'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 Melfa or another part of Accomack County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Melfa, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$683
Ownwell’s Melfa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melfa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melfa 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 Melfa, Virginia
Property taxes in Melfa, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melfa 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 Melfa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melfa 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 Melfa's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23410 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these areas compare with Melfa 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 Melfa 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 Melfa, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23410 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Melfa, Virginia
In Melfa, 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's Office 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 Melfa, 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 Melfa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Melfa, the median home price is $113,800. The median tax bill for the 25th percentile is $366, while the 75th percentile sees a tax bill of $1,117. The highest and lowest median tax bills are both $677, found in zip code 23410.
Average Melfa Assessed Value
$113,800
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 Melfa, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23410 | $31,300 | $61,775 | $113,800 | $187,650 | $263,410 |
Source: Ownwell
Property Tax Bills Across Melfa, Virginia
In Melfa, located in Accomack County, VA, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is based on the property's market value, which is influenced by factors such as location, size, and condition. Homeowners in Melfa experience varying tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $366, while at the 75th percentile, it rises to $1117, and at the 90th percentile, it reaches $1562. These tax bills are crucial for homeowners as they directly impact the affordability of homeownership. Comparatively, the national median property tax rate is 0.99%, making Melfa's property tax rates relatively moderate. The highest and lowest median tax bills in the area are both $677, indicating a consistent tax rate across different properties. Understanding these factors helps homeowners budget effectively and anticipate their annual financial obligations.
Average Melfa Tax Bill
$677
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Melfa, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23410 | $184 | $366 | $677 | $1,117 | $1,562 |
Source: Ownwell