Port Royal, Virginia Property Taxes
The median property tax rate in Port Royal, VA is 0.77%, which is considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Port Royal at $229,500, the typical annual property tax bill comes to $1,779, significantly below the national median of $2,690. Property taxes in Port Royal are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Port Royal's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Port Royal 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
Port Royal, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,767
Ownwell’s PORT ROYAL Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in PORT ROYAL with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in PORT ROYAL to provide an estimated 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 Port Royal, Virginia
Property taxes in Port Royal, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Royal is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Port Royal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Royal 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 Port Royal's effective property tax rate to other regions in Virginia and the national median. For comparison, the zip code 22535 has both the highest and lowest median property tax rate in the area, set at 0.77%. Understanding how these rates compare with Port Royal provides valuable insights into the varying tax landscape across Caroline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Port Royal Tax Rate
0.77%
Average Caroline County Tax Rate
0.77%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Port Royal, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22535 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Port Royal, Virginia
In Port Royal, 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 Caroline 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 Port Royal, 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 Port Royal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Port Royal are both $1,779, found in zip code 22535.
Average Port Royal Assessed Value
$229,500
Average Caroline County Assessed Value
$198,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Port Royal, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22535 | $106,400 | $157,500 | $229,500 | $370,500 | $587,500 |
Source: Ownwell
Property Tax Bills Across Port Royal, Virginia
In Port Royal, Caroline County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is intended to reflect the market value of the property. The tax rate is then applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $229,500, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $1,216, while those at the 75th percentile could see bills as high as $2,915. At the 90th percentile, the tax bill can reach up to $4,542. The highest and lowest median tax bills in the area both stand at $1,779, indicating a degree of uniformity in certain neighborhoods. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated and how they compare to the national median property tax rate of 0.99% can provide valuable insights into their financial obligations and the benefits they receive from their local government.
Average Port Royal Tax Bill
$1,779
Average Caroline County Tax Bill
$1,559
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Royal, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22535 | $848 | $1,216 | $1,779 | $2,915 | $4,542 |
Source: Ownwell