Exmore, Virginia Property Taxes
The median property tax rate in Exmore, 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 Exmore, the typical annual property tax bill is $785, well below the national median of $2,690. Property taxes in Exmore are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Exmore'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 Exmore or another part of Accomack County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Exmore, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$792
Ownwell’s Exmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Exmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Exmore 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 Exmore, Virginia
Property taxes in Exmore, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Exmore is 0.60%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Exmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Exmore 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 Exmore's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23350 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Exmore 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 Exmore 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 Exmore, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23350 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Exmore, Virginia
In Exmore, 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 Exmore, 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 Exmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Exmore are both $785, found in the 23350 zip code.
Average Exmore Assessed Value
$132,000
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 Exmore, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23350 | $132,000 | $132,000 | $132,000 | $132,000 | $132,000 |
Source: Ownwell
Property Tax Bills Across Exmore, Virginia
In Exmore, located in Accomack County, VA, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Exmore face a median property tax bill of $785, which is relatively consistent across various percentiles, indicating a stable tax environment. This is lower than the national median property tax rate of 0.99%, offering a more affordable option for property owners in the area. The primary factors considered in determining the tax bill include the property's assessed value and the local tax rate. This tax rate is applied to the assessed value to calculate the annual property tax owed. For homeowners, this means that the amount they pay in property taxes is directly influenced by the market value of their property and the prevailing tax rate in Accomack County. Lower property taxes in Exmore can translate to significant savings, making it an attractive location for potential homeowners.
Average Exmore Tax Bill
$785
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Exmore, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23350 | $785 | $785 | $785 | $785 | $785 |
Source: Ownwell