Millboro, Virginia Property Taxes
The median property tax rate in Millboro, 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 $148,400 in Millboro, the typical annual property tax bill amounts to $890, which is well below the national median of $2,690. Property taxes in Millboro are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Millboro's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Millboro or elsewhere in Bath County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millboro, 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 Millboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millboro 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 Millboro, Virginia
Property taxes in Millboro, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millboro is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Millboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millboro 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 Millboro's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 24460 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Millboro provides valuable insights into the varying tax landscape across Bath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millboro Tax Rate
0.60%
Average Bath County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millboro, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24460 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Millboro, Virginia
In Millboro, 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 local 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 Millboro, 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. For instance, the median home price in Millboro is $148,400, with the highest median tax bill being $890 in the 24460 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Millboro Assessed Value
$148,400
Average Bath County Assessed Value
$145,400
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millboro, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24460 | $61,500 | $99,000 | $148,400 | $232,400 | $388,500 |
Source: Ownwell
Property Tax Bills Across Millboro, Virginia
Property tax bills in Millboro, located in Bath County, VA, are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or modifications made to the property. For homeowners in Millboro, the median home price is $148,400. Tax bills can vary significantly, with the 25th percentile tax bill at $594 and the 75th percentile reaching $1,371. At the 90th percentile, homeowners might see tax bills as high as $2,188. The highest and lowest median tax bills in the area are both $890, indicating a consistent tax rate within the zip code 24460. Compared to the national median property tax rate of 0.99%, Millboro's property tax rates can be considered relatively moderate, providing a balanced approach to funding local services while maintaining affordability for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Millboro Tax Bill
$890
Average Bath County Tax Bill
$864
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Millboro, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 24460 | $364 | $594 | $890 | $1,371 | $2,188 |
Source: Ownwell