Onemo, Virginia Property Taxes
The median property tax rate in Onemo, VA is 0.56%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $186,300 in Onemo, the typical annual property tax bill is $1,043, which is below the national median of $2,690. Property taxes in Onemo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Onemo'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 Onemo or another part of Mathews County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Onemo, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,043
Ownwell’s ONEMO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ONEMO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ONEMO 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 Onemo, Virginia
Property taxes in ONEMO, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in ONEMO is 0.56%, significantly lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within ONEMO set these rates annually, and they can vary significantly across different neighborhoods. Each year, ONEMO 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 ONEMO's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23130 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with ONEMO provides valuable insights into the varying tax landscape across Mathews County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Onemo Tax Rate
0.56%
Average Mathews County Tax Rate
0.56%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Onemo, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23130 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Onemo, Virginia
In ONEMO, 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 Mathews 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. Assessment notices in ONEMO 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 ONEMO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,043, found in the 23130 zip code.
Average Onemo Assessed Value
$186,300
Average Mathews County Assessed Value
$237,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Onemo, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23130 | $47,180 | $127,500 | $186,300 | $322,250 | $435,820 |
Source: Ownwell
Property Tax Bills Across Onemo, Virginia
In ONEMO, Mathews 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's property assessor and reflects the property's market value. Once the assessment is completed, the local tax rate is applied to calculate the tax bill. For instance, the median home price in ONEMO is $186,300. The property tax rate in Mathews County is slightly above the national median of 0.99%. Homeowners in this area can expect a tax bill ranging from $714 at the 25th percentile to $2,441 at the 90th percentile, with the median tax bill being around $1,043. Factors such as property improvements, neighborhood developments, and market conditions can significantly impact the assessed value, thus affecting the final tax bill. Understanding these elements is crucial for homeowners, as property taxes represent a significant annual expense. It is essential to stay informed about local tax rates and assessment practices to anticipate and manage property tax obligations effectively.
Average Onemo Tax Bill
$1,043
Average Mathews County Tax Bill
$1,332
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Onemo, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23130 | $264 | $714 | $1,043 | $1,805 | $2,441 |
Source: Ownwell