Ivor, Virginia Property Taxes
The median property tax rate in Ivor, VA is 0.89%, aligning with the Virginia state median but lower than the national median of 0.99%. With the median home value in Ivor, the typical annual property tax bill amounts to $1,364, which is below the national median of $2,690. Property taxes in Ivor are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ivor'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 Ivor 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
Ivor, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,267
Ownwell’s Ivor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ivor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ivor 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 Ivor, Virginia
Property taxes in Ivor, Virginia, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Ivor is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Ivor set these rates annually, and they can vary across different neighborhoods. Each year, Ivor 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 Ivor's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23866 has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Ivor provides valuable insights into the varying tax landscape across Southampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ivor Tax Rate
0.89%
Average Southampton County Tax Rate
0.89%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ivor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23866 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Ivor, Virginia
In Ivor, 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 Southampton 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 Ivor, 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 Ivor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ivor is $142,400, with the highest median tax bill being $1,364 in zip code 23866.
Average Ivor Assessed Value
$142,400
Average Southampton County Assessed Value
$133,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ivor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23866 | $51,690 | $83,850 | $142,400 | $212,800 | $307,550 |
Source: Ownwell
Property Tax Bills Across Ivor, Virginia
In Ivor, Southampton County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the tax bill. Factors such as the size of the property, location, and market conditions influence the assessed value. For instance, the median home price in Ivor is $142,400, which serves as a baseline for calculating taxes. Homeowners in Ivor experience a range of property tax bills. At the 25th percentile, the tax bill is approximately $773, while at the 75th percentile, it rises to around $2,010. The top 10% of tax bills can reach up to $3,058. These figures illustrate the variability in tax burdens, influenced by property values and individual assessments. Compared to the national median property tax rate of 0.99%, the tax rates in Ivor can significantly impact homeowners, potentially making homeownership more costly depending on the specific assessed value of their property.
Average Ivor Tax Bill
$1,364
Average Southampton County Tax Bill
$1,244
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Ivor, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23866 | $421 | $773 | $1,364 | $2,010 | $3,058 |
Source: Ownwell