Memphis, Virginia Property Taxes
The median property tax rate in Memphis, VA is 0.53%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Memphis at $775,300, the typical annual property tax bill reaches $4,109, exceeding the national median of $2,690. Property taxes in Memphis 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 Memphis'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 Memphis 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
Memphis, 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 Memphis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis 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 Memphis, Virginia
Property taxes in Memphis, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Memphis is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Memphis 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 Memphis's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 38111 has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Memphis provides valuable insights into the varying tax landscape across Goochland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Memphis Tax Rate
0.53%
Average Goochland County Tax Rate
0.53%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Memphis, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38111 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Memphis, Virginia
In Memphis, VA, 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 Goochland 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 Memphis, 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 Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 38111 has the highest and lowest median tax bills at $4,109.
Average Memphis Assessed Value
$775,300
Average Goochland County Assessed Value
$453,700
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Memphis, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38111 | $775,300 | $775,300 | $775,300 | $775,300 | $775,300 |
Source: Ownwell
Property Tax Bills Across Memphis, Virginia
In Memphis, Goochland County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Homeowners in Memphis face a median property tax rate of 0.99%, which is aligned with the national median. This rate is applied to the assessed value to calculate the annual tax bill. For instance, with a median home price of $775,300, homeowners can expect a tax bill around $4,109, which falls within the 25th to 90th percentile range for the area. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thereby affecting the tax bill. High property taxes can impact homeowners by increasing their annual expenses, but they also contribute to essential public services like schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Memphis Tax Bill
$4,109
Average Goochland County Tax Bill
$2,269
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Memphis, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38111 | $4,109 | $4,109 | $4,109 | $4,109 | $4,109 |
Source: Ownwell