Chincoteague Island, Accomack County, Virginia Property Taxes

Name: Property Tax Bills Across Chincoteague Island, Accomack County, Virginia
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median CHINCOTEAGUE ISLAND, VA effective property tax rate: 0.47%, significantly lower than the national median of 1.02%, but lower than the Virginia state median of 0.89%.
Median CHINCOTEAGUE ISLAND, VA home value: $209,600
Median annual CHINCOTEAGUE ISLAND, VA tax bill: $976, $1,424 lower than the national median property tax bill of $2,400.

How are property taxes in Accomack calculated?

Property taxes in CHINCOTEAGUE ISLAND, VA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding CHINCOTEAGUE ISLAND’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in CHINCOTEAGUE ISLAND, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Chincoteague Island, Accomack County, Virginia Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.47%

Estimate Property Tax Bill

$985

$914

Ownwell’s Chincoteague Island Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Chincoteague Island with just two data points.

By entering your property's estimated assessed value, our calculator applies Chincoteague Island’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Accomack County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Chincoteague Island, Accomack County, Virginia

As noted earlier, local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Chincoteague Island’s effective property tax rate to other cities in Virginia and the median property tax rates in Virginia and the U.S.

Chincoteague Island, located in Accomack County, boasts a median property tax rate of 0.47%, which is significantly lower than the national median of 1.02%. This favorable rate can lead to substantial savings for property owners, making it an attractive location for both residents and investors. When compared to other cities in Virginia, Chincoteague Island stands out for its affordability in terms of property taxes. Whether you're a homeowner or considering purchasing property, understanding these rates can help you make informed financial decisions.

Property Tax Rates Across Chincoteague Island, Accomack County, Virginia

Source: Ownwell

0.47%

0.54%

0.62%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Chincoteague Island Tax Rate

0.47%

Median Effective Accomack County Tax Rate

0.60%

Median Effective Virginia Tax Rate

0.89%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Chincoteague Island, Accomack County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
23336	0.46%	0.46%	0.47%	0.47%	0.47%
23337	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Chincoteague Island, Accomack County, Virginia

When examining property taxes in Chincoteague Island, VA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Accomack County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Accomack County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Chincoteague Island.

For example, the median home price in Chincoteague Island is $209,600, with tax bills ranging significantly across the county. Zip code 23336 has the highest median home price at $209,600.

Property Tax Assessment Values Across Chincoteague Island, Accomack County, Virginia

Source: Ownwell

$20,200

$116,150

$212,100

Median Chincoteague Island Market Value

$209,600

Median Accomack County Market Value

$110,500

Median Virginia Market Value

$298,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Chincoteague Island, Accomack County, Virginia

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
23336	$57,480	$131,800	$209,600	$321,350	$443,100
23337	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Chincoteague Island, Accomack County, Virginia

In Chincoteague Island, located in Accomack County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Chincoteague Island, the median home price is $209,600, and the property tax bills range significantly. The 25th percentile tax bill is $616, while the 75th percentile reaches $1,495, with the 90th percentile climbing to $2,062. These figures are notably lower than the national median property tax bill of $2,400. This variance in tax bills can significantly affect homeowners, impacting their overall financial planning and housing affordability. Ownwell offers a valuable service to homeowners by providing property tax appeal and exemption services. By leveraging their expertise, homeowners can potentially reduce their property tax bills, ensuring they are not overpaying and are benefiting from any applicable exemptions. This can lead to substantial savings and more manageable homeownership costs.

Property Tax Bills Across Chincoteague Island, Accomack County, Virginia

Source: Ownwell

$120

$718

$1,315

Median Chincoteague Island Tax Bill

$976

Median Accomack County Tax Bill

$645

Median Virginia Tax Bill

$2,608

Median United States Tax Bill

$2,400

Property Tax Bills Across Chincoteague Island, Accomack County, Virginia

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
23336	$268	$617	$976	$1,495	$2,062
23337	N/A	N/A	N/A	N/A	N/A

Source: Ownwell