Wachapreague, Virginia Property Taxes
The median property tax rate in Wachapreague, 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 Wachapreague at $116,900, the typical annual property tax bill amounts to $696, well below the national median of $2,690. Property taxes in Wachapreague are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Wachapreague'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 Wachapreague 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
Wachapreague, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$701
Ownwell’s Wachapreague Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wachapreague with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wachapreague 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 Wachapreague, Virginia
Property taxes in Wachapreague, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wachapreague is 0.60%, which is lower than both the Virginia state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Wachapreague set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wachapreague 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 Wachapreague's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23480 has the highest median property tax rate of 0.60%, while the same zip code has the lowest median tax rate of 0.60%. Understanding how these cities compare with Wachapreague 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 Wachapreague 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 Wachapreague, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23480 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Wachapreague, Virginia
In Wachapreague, 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 Wachapreague, 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 Wachapreague helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $696, found in zip code 23480, which is notably higher than the national median property tax rate of 0.99%.
Average Wachapreague Assessed Value
$116,900
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 Wachapreague, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23480 | $41,240 | $83,200 | $116,900 | $154,000 | $214,080 |
Source: Ownwell
Property Tax Bills Across Wachapreague, Virginia
In Wachapreague, located in Accomack County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in Wachapreague is $116,900. Property taxes are determined by multiplying this assessed value by the local tax rate set by the county. Various factors influence the final tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Wachapreague can expect their property tax bills to vary. For instance, the 25th percentile tax bill is around $495, while the 75th percentile tax bill is approximately $916. At the higher end, the 90th percentile tax bill reaches about $1,274. These variations reflect differences in property values and any adjustments or exemptions that may apply. Compared to the national median property tax rate of 0.99%, Wachapreague's property tax rates can influence the overall financial burden on homeowners, impacting their annual budgeting and long-term financial planning.
Average Wachapreague Tax Bill
$696
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Wachapreague, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23480 | $245 | $495 | $696 | $916 | $1,274 |
Source: Ownwell