Assawoman, Virginia Property Taxes
The median property tax rate in Assawoman, VA is 0.60%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Assawoman at $145,300, the typical annual property tax bill comes to $865, well below the national median of $2,690. Property taxes in Assawoman 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 Assawoman'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 Assawoman 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
Assawoman, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$872
$809
Ownwell’s Assawoman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Assawoman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Assawoman 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 Assawoman, Virginia
Property taxes in Assawoman, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Assawoman 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 Assawoman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Assawoman 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 Assawoman's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23302 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Assawoman 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 Assawoman 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 Assawoman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23302 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Assawoman, Virginia
In Assawoman, 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 Accomack 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 Assawoman, 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 Assawoman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 23302, with a tax bill of $865, which is also the lowest median tax bill in the area.
Average Assawoman Assessed Value
$145,300
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 Assawoman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23302 | $45,280 | $85,125 | $145,300 | $212,225 | $246,100 |
Source: Ownwell
Property Tax Bills Across Assawoman, Virginia
In Assawoman, located in Accomack County, VA, property tax bills are calculated by applying the local tax rate to the assessed value of a property. The assessed value is determined by the county's assessor and is typically a percentage of the property's market value. Homeowners in Assawoman pay a median property tax rate that contributes to their annual tax bill, which can vary significantly based on property values and local rates. For example, homeowners in the 25th percentile of tax bills pay around $507 annually, while those in the 75th percentile face tax bills of about $1,263. At the higher end, the 90th percentile sees tax bills reaching $1,464. These figures illustrate the range of property tax burdens within the city. The highest median tax bill recorded in the area is $865, which is notably below the national median property tax rate of 0.99%. This relatively lower tax burden can be an advantage for homeowners, making Assawoman an attractive location for property investment and residency.
Average Assawoman Tax Bill
$865
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Assawoman, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23302 | $269 | $507 | $865 | $1,263 | $1,464 |
Source: Ownwell