Dewitt, Virginia Property Taxes
The median property tax rate in DeWitt, VA is 0.79%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in DeWitt at $136,500, the typical annual property tax bill is around $1,023, which is significantly less than the national median of $2,690. Property taxes in DeWitt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding DeWitt'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 DeWitt or another part of Dinwiddie County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dewitt, 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 DEWITT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DEWITT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DEWITT 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 Dewitt, Virginia
Property taxes in Dewitt, Virginia, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Dewitt is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities in Dewitt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dewitt 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. Understanding how Dewitt's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Dinwiddie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dewitt Tax Rate
0.79%
Average Dinwiddie County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dewitt, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23840 | 0.62% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Dewitt, Virginia
In Dewitt, 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 Dinwiddie County Assessor 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 Dewitt, 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 Dewitt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Dewitt is in the 23840 zip code, amounting to $1023. Conversely, the lowest median tax bill is also in the 23840 zip code, reflecting the uniformity in tax assessments within this area.
Average Dewitt Assessed Value
$136,500
Average Dinwiddie County Assessed Value
$147,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dewitt, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23840 | $46,590 | $87,100 | $136,500 | $200,600 | $285,280 |
Source: Ownwell
Property Tax Bills Across Dewitt, Virginia
In Dewitt, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Dinwiddie County. For homeowners, this means that the amount they owe in property taxes is directly influenced by the value assigned to their property by county assessors. Factors such as the property's location, size, and market conditions play a crucial role in determining its assessed value. For instance, with a median home price of $136,500, the typical tax bill can vary significantly. Homeowners may find themselves paying as little as $657 at the 25th percentile or as high as $1,493 at the 75th percentile. At the 90th percentile, tax bills can reach up to $1,996. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. For Dewitt residents, understanding these factors can help in budgeting for annual property tax expenses and recognizing the potential financial impact of changes in property assessments.
Average Dewitt Tax Bill
$1,023
Average Dinwiddie County Tax Bill
$1,142
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Dewitt, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23840 | $306 | $657 | $1,023 | $1,493 | $1,996 |
Source: Ownwell