Withams, Virginia Property Taxes
The median property tax rate in Withams, 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 Withams at $72,350, the typical annual property tax bill is $430, well below the national median of $2,690. Property taxes in Withams are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Withams' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Withams 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
Withams, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Withams Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Withams with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Withams 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 Withams, Virginia
Property taxes in Withams, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Withams is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Withams set these rates annually, and they can vary significantly across different neighborhoods. Each year, Withams 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 Withams' effective property tax rate to other areas and the national median. For comparison, the zip code 23488 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 cities compare with Withams 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 Withams 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 Withams, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23488 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Withams, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Withams, Virginia. 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 Withams, 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. The median home price in Withams is $72,350, and tax bills vary significantly, with the 25th percentile at $260 and the 90th percentile reaching $1,057. The highest and lowest median tax bills are both $430, found in zip code 23488. 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 Withams helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Withams Assessed Value
$72,350
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 Withams, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23488 | $26,350 | $43,650 | $72,350 | $111,100 | $177,610 |
Source: Ownwell
Property Tax Bills Across Withams, Virginia
In Withams, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Withams is $72,350. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's location, size, and condition can influence its assessed value. For homeowners in Withams, property tax bills vary significantly. At the 25th percentile, the tax bill is around $260, while at the 75th percentile, it rises to $661. The highest tax bills, at the 90th percentile, can reach up to $1,057. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding local tax burdens. These property taxes contribute to local services and infrastructure, impacting homeowners by funding essential community resources and amenities.
Average Withams Tax Bill
$430
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Withams, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23488 | $157 | $260 | $430 | $661 | $1,057 |
Source: Ownwell