Bloxom, Virginia Property Taxes
The median property tax rate in Bloxom, 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 $85,300 in Bloxom, the typical annual property tax bill is $508, well below the national median of $2,690. Property taxes in Bloxom are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Bloxom's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bloxom or another part of Accomack County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bloxom, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$512
$475
Ownwell’s BLOXOM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BLOXOM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BLOXOM 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 Bloxom, Virginia
Property taxes in Bloxom, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloxom is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Bloxom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloxom 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 Bloxom's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23308 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Bloxom 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 Bloxom 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 Bloxom, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23308 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Bloxom, Virginia
In BLOXOM, 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 BLOXOM, 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. For instance, the highest median tax bill in BLOXOM is $508, found in the 23308 zip code, while the lowest is also $508 in the same zip code. Being aware of these valuation processes in BLOXOM helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bloxom Assessed Value
$85,300
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 Bloxom, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23308 | $23,600 | $44,000 | $85,300 | $133,200 | $188,500 |
Source: Ownwell
Property Tax Bills Across Bloxom, Virginia
In Bloxom, located in Accomack County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $85,300. Local tax authorities assess the value of each property, considering factors such as the property's size, location, and market conditions. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Bloxom, the tax bill can vary significantly. At the 25th percentile, the tax bill is approximately $262, while at the 75th percentile, it rises to around $793. For those in the 90th percentile, the tax bill can reach up to $1,118. The highest median tax bill recorded in the area is $508, which is consistent across the zip code 23308. Compared to the national median property tax rate of 0.99%, the tax bills in Bloxom reflect a range of values, affecting homeowners differently based on their property's assessed value. This variability underscores the importance of understanding local property assessments and tax rates.
Average Bloxom Tax Bill
$508
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloxom, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23308 | $140 | $262 | $508 | $793 | $1,118 |
Source: Ownwell