Doswell, Virginia Property Taxes
The median property tax rate in Doswell, VA is 0.81%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $309,550 in Doswell, the typical annual property tax bill comes to $2,512, falling below the national median of $2,690. Property taxes in Doswell are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Doswell'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 Doswell or another part of Hanover County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Doswell, 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 Doswell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Doswell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Doswell 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 Doswell, Virginia
Property taxes in Doswell, Virginia, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Doswell is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Doswell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Doswell 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 Doswell's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23047 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Doswell provides valuable insights into the varying tax landscape across Hanover County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Doswell Tax Rate
0.81%
Average Hanover County Tax Rate
0.81%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Doswell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23047 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Doswell, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Doswell, 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 Hanover 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 Doswell, 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 Doswell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 23047 has the highest and lowest median tax bill, both at $2,512, offering a unique perspective on property tax trends in the area.
Average Doswell Assessed Value
$309,550
Average Hanover County Assessed Value
$334,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Doswell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23047 | $68,700 | $165,550 | $309,550 | $468,350 | $651,100 |
Source: Ownwell
Property Tax Bills Across Doswell, Virginia
In Doswell, Hanover County, VA, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and this rate can vary. Homeowners in Doswell can expect their property tax bills to be influenced by the median home price of $309,550. The tax rate in Hanover County is applied to this assessed value to determine the final tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $1,346, while those in the 75th percentile might see bills closer to $3,794. The 90th percentile tax bill can reach up to $5,279. These figures indicate that property taxes in Doswell can vary significantly based on property values and assessment rates. Compared to the national median property tax rate of 0.99%, Doswell's tax rates affect homeowners differently, with higher-value homes incurring more substantial tax bills. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners based on their property's assessed worth.
Average Doswell Tax Bill
$2,512
Average Hanover County Tax Bill
$2,727
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Doswell, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23047 | $554 | $1,346 | $2,512 | $3,794 | $5,279 |
Source: Ownwell