Sharps, Virginia Property Taxes
The median property tax rate in Sharps, VA is 0.70%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Sharps at $390,617, the typical annual property tax bill amounts to $2,734, slightly below the national median of $2,690. Property taxes in Sharps 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 Sharps' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sharps or another part of Richmond County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sharps, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,734
Ownwell’s SHARPS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SHARPS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SHARPS 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 Sharps, Virginia
Property taxes in Sharps, Virginia, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Sharps is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Sharps set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharps 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 Sharps' effective property tax rate to other regions and the national median. For comparison, the 22548 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these areas compare with Sharps provides valuable insights into the varying tax landscape across Richmond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sharps Tax Rate
0.70%
Average Richmond County Tax Rate
0.70%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sharps, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22548 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Sharps, Virginia
In Sharps, 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 Richmond 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 Sharps, 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 Sharps helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Sharps is $2,734 in the 22548 zip code, while the lowest median tax bill also stands at $2,734 in the same zip code.
Average Sharps Assessed Value
$390,617
Average Richmond County Assessed Value
$134,435
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sharps, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22548 | $107,236 | $213,504 | $390,617 | $394,960 | $397,567 |
Source: Ownwell
Property Tax Bills Across Sharps, Virginia
In Sharps, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor's office, which evaluates the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For instance, with a median home price of $390,617, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $1,495, while at the 75th percentile, it rises to approximately $2,765. Notably, the 90th percentile tax bill is $2,783. Factors such as property size, location, and any improvements or renovations can influence the assessed value, thereby affecting the tax bill. For homeowners in Sharps, understanding these elements is crucial as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Sharps' property tax bills reflect a range that can either ease or add to the financial burden on homeowners.
Average Sharps Tax Bill
$2,734
Average Richmond County Tax Bill
$931
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharps, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22548 | $751 | $1,495 | $2,734 | $2,765 | $2,783 |
Source: Ownwell