Mears, Virginia Property Taxes
The median property tax rate in Mears, 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 $52,950 in Mears, the typical annual property tax bill amounts to $315, which is well below the national median of $2,690. Property taxes in Mears are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mears' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mears 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
Mears, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$318
$295
Ownwell’s Mears Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mears with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mears 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 Mears, Virginia
Property taxes in Mears, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mears is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Mears set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mears 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. Understanding how these cities compare with Mears 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 Mears 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 Mears, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23409 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Mears, Virginia
In Mears, 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. Assessment notices in Mears 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 Mears helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $315 in the 23409 zip code, while the lowest is also $315 in the same zip code.
Average Mears Assessed Value
$52,950
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 Mears, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23409 | $22,050 | $29,400 | $52,950 | $116,875 | $152,190 |
Source: Ownwell
Property Tax Bills Across Mears, Virginia
In Mears, located in Accomack County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and represents a percentage of the market value of the property. Homeowners in Mears can expect tax bills that vary significantly. For instance, the tax bill at the 25th percentile is around $175, while the 75th percentile sees tax bills of about $695. At the higher end, the 90th percentile tax bill reaches $906. These tax bills are influenced by various factors, including the assessed property value, local tax rates, and any applicable exemptions or deductions. With a median home price of $52,950, the tax burden for homeowners in Mears can be relatively moderate compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners in Mears better anticipate their annual property tax obligations and manage their finances more effectively.
Average Mears Tax Bill
$315
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Mears, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23409 | $131 | $175 | $315 | $695 | $906 |
Source: Ownwell