Greenbackville, Virginia Property Taxes
The median property tax rate in Greenbackville, VA is 0.62%, notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Greenbackville at $212,100, the typical annual property tax bill amounts to $1,315, which is significantly below the national median of $2,690. Property taxes in Greenbackville 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 Greenbackville'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 Greenbackville 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
Greenbackville, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Greenbackville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenbackville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenbackville 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 Greenbackville, Virginia
Property taxes in Greenbackville, Virginia, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenbackville is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Greenbackville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenbackville 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 Greenbackville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23356 in Accomack County has a median property tax rate of 0.62%, which is the same as Greenbackville's median tax rate. Understanding how these areas compare with Greenbackville 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 Greenbackville Tax Rate
0.62%
Average Accomack County Tax Rate
0.60%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenbackville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23356 | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Greenbackville, Virginia
In Greenbackville, 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 Greenbackville, 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. For example, the median home price in Greenbackville is $212,100, with tax bills ranging from $858 at the 25th percentile to $2,191 at the 90th percentile. The highest and lowest median tax bills are both $1,315 in zip code 23356. 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 Greenbackville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Greenbackville, Virginia
Source: Ownwell
$20,200
$270,100
$520,000
Average Greenbackville Assessed Value
$212,100
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 Greenbackville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23356 | $72,300 | $139,300 | $212,100 | $278,600 | $353,340 |
Source: Ownwell
Property Tax Bills Across Greenbackville, Virginia
In Greenbackville, Accomack County, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Greenbackville is $212,100. To determine a homeowner's tax bill, the assessed value of the property is multiplied by the local tax rate. The tax bill can vary significantly depending on the property's assessed value and specific exemptions that may apply. For example, tax bills in Greenbackville range from $858 at the 25th percentile to $2,191 at the 90th percentile, with a median tax bill of $1,315. These figures indicate that while some homeowners pay relatively low property taxes, others may face much higher bills depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Greenbackville's property taxes can be a significant factor for homeowners to consider. Understanding how these taxes are calculated and what factors influence them can help homeowners plan and budget more effectively.
Average Greenbackville Tax Bill
$1,315
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenbackville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23356 | $448 | $858 | $1,315 | $1,727 | $2,191 |
Source: Ownwell