Accomac, Virginia Property Taxes
The median property tax rate in Accomac, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $80,200 in Accomac, the typical annual property tax bill comes to $477, which is considerably less than the national median of $2,690. Property taxes in Accomac are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Accomac'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 Accomac 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
Accomac, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$481
$447
Ownwell’s Accomac Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Accomac with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Accomac 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 Accomac, Virginia
Property taxes in Accomac, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Accomac is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Accomac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Accomac 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 Accomac's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23301 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Accomac provides valuable insights into the varying tax landscape across Accomack County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Accomac Tax Rate
0.60%
Average Accomack County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Accomac, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23301 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Accomac, Virginia
In Accomac, 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 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 Accomac, 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 Accomac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Accomac are both $477, found in the 23301 zip code.
Average Accomac Assessed Value
$80,200
Average Accomack County Assessed Value
$110,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Accomac, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23301 | $13,100 | $32,000 | $80,200 | $147,300 | $253,060 |
Source: Ownwell
Property Tax Bills Across Accomac, Virginia
In Accomac, VA, property tax bills are calculated based on the assessed value of the property. The local assessor determines this value, which is then used to compute the tax bill. Homeowners in Accomac can expect varying tax bills depending on their property's assessed value. For instance, the median home price in the area is $80,200. Property tax bills can range significantly, with the 25th percentile at $190 and the 75th percentile reaching $876, while the 90th percentile can be as high as $1,506. The tax rate in Accomac is influenced by local government budgets and the need to fund services like schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Accomac's property tax rates reflect the local economic conditions and funding requirements. Homeowners should be aware of these factors as they directly impact their annual tax obligations, influencing their overall cost of homeownership and financial planning.
Average Accomac Tax Bill
$477
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Accomac, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23301 | $78 | $190 | $477 | $876 | $1,506 |
Source: Ownwell