Wake, Virginia Property Taxes
The median property tax rate in Wake, VA is 0.61%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Wake, the typical annual property tax bill reaches $1,418, well below the national median of $2,690. Property taxes in Wake 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 Wake'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 Wake 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
Wake, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,433
Ownwell’s Wake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wake 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 Wake, Virginia
Property taxes in Wake, Virginia, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wake is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Wake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wake 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 Wake's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23176 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these areas compare with Wake provides valuable insights into the varying tax landscape across Middlesex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wake Tax Rate
0.61%
Average Middlesex County Tax Rate
0.61%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wake, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23176 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Wake, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wake, Virginia. The market value represents 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 local 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 Wake, 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. For example, the zip code with the highest median tax bill is 23176, with a median tax bill of $1,418. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wake Assessed Value
$234,850
Average Middlesex County Assessed Value
$256,200
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wake, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23176 | $111,700 | $174,275 | $234,850 | $322,675 | $501,850 |
Source: Ownwell
Property Tax Bills Across Wake, Virginia
In Wake, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $234,850, homeowners can expect varying tax bills depending on the value of their property. The 25th percentile tax bill is around $1,038, while the 75th percentile tax bill reaches approximately $1,940, and the 90th percentile goes up to $2,942. Several factors influence the tax bill, including property size, location, and improvements made to the home. Comparatively, Wake's tax rates are competitive, especially when considering the national median property tax rate of 0.99%. For homeowners, understanding these variables is crucial as they directly impact the financial obligations tied to property ownership. By staying informed, homeowners can better anticipate and manage their annual property tax expenses.
Average Wake Tax Bill
$1,418
Average Middlesex County Tax Bill
$1,538
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Wake, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23176 | $581 | $1,038 | $1,418 | $1,940 | $2,942 |
Source: Ownwell