Locustville, Virginia Property Taxes
The median property tax rate in Locustville, 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 $85,500 in Locustville, the typical annual property tax bill is $509, which is well below the national median of $2,690. Property taxes in Locustville are calculated based on the tax-assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Locustville'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 Locustville 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
Locustville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$513
$476
Ownwell’s Locustville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locustville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locustville 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 Locustville, Virginia
Property taxes in Locustville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Locustville is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Locustville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locustville 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 Locustville's effective property tax rate to other areas in Accomack County and the national median. For comparison, the zip code 23404 has both the highest and lowest median property tax rate in Accomack County, standing at 0.60%. Understanding how these areas compare with Locustville 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 Locustville 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 Locustville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23404 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Locustville, Virginia
In Locustville, 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 Locustville, 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 Locustville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $509, found in the 23404 zip code.
Average Locustville Assessed Value
$85,500
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 Locustville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23404 | $39,400 | $50,100 | $85,500 | $102,525 | $122,950 |
Source: Ownwell
Property Tax Bills Across Locustville, Virginia
In Locustville, Accomack County, VA, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county's property assessor and is intended to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $85,500, homeowners in Locustville can expect their property tax bills to vary. At the 25th percentile, tax bills are around $298, while at the 75th percentile, they rise to approximately $610. The 90th percentile sees tax bills reaching up to $732. These variations depend on factors such as property improvements, neighborhood developments, and changes in market conditions. Comparatively, the national median property tax rate is 0.99%, making Locustville's property taxes relatively moderate. Homeowners need to be aware of these factors, as they directly influence the affordability and financial planning associated with owning property in this region.
Average Locustville Tax Bill
$509
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Locustville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23404 | $234 | $298 | $509 | $610 | $732 |
Source: Ownwell