Hallwood, Virginia Property Taxes
The median property tax rate in Hallwood, 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 $74,500 in Hallwood, the typical annual property tax bill is $443, which is well below the national median of $2,690. Property taxes in Hallwood 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 Hallwood'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 Hallwood 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
Hallwood, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$447
$415
Ownwell’s Hallwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hallwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hallwood 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 Hallwood, Virginia
Property taxes in Hallwood, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hallwood is 0.60%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Hallwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hallwood 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 Hallwood's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23359 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Hallwood 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 Hallwood 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 Hallwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23359 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Hallwood, Virginia
In Hallwood, 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 Assessor 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 Hallwood, 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 Hallwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hallwood is $74,500, with tax bills ranging from $197 at the 25th percentile to $1,338 at the 90th percentile. The highest and lowest median tax bills, both $443, are found in the 23359 zip code.
Average Hallwood Assessed Value
$74,500
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 Hallwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23359 | $21,920 | $33,050 | $74,500 | $119,550 | $224,800 |
Source: Ownwell
Property Tax Bills Across Hallwood, Virginia
In Hallwood, property tax bills are calculated based on the assessed value of a property and the local tax rate set by Accomack County. The assessed value is determined by the county assessor and is a percentage of the property's market value. Homeowners in Hallwood experience property tax bills that vary widely, reflecting both the diversity of property values and the tax rate applied. For instance, the median home price in Hallwood is $74,500. Depending on the assessed value, tax bills can range significantly, with the 25th percentile at $197 and the 75th percentile reaching $711. The 90th percentile tax bill can be as high as $1,338. These property taxes fund essential local services such as schools, public safety, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Hallwood’s tax rates can be seen as relatively moderate, providing a balanced approach to funding community needs while considering the financial burden on homeowners.
Average Hallwood Tax Bill
$443
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hallwood, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23359 | $130 | $197 | $443 | $711 | $1,338 |
Source: Ownwell