Nelsonia, Virginia Property Taxes
The median property tax rate in Nelsonia, 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 Nelsonia at $520,000, the typical annual property tax bill reaches $3,094, surpassing the national median of $2,690. Property taxes in Nelsonia are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nelsonia'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 Nelsonia 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
Nelsonia, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$3,120
Ownwell’s Nelsonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nelsonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nelsonia 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 Nelsonia, Virginia
Property taxes in Nelsonia, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nelsonia is 0.60%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Nelsonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nelsonia 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 Nelsonia's effective property tax rate to other areas in Accomack County and the national median. For comparison, the zip code 23414 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Nelsonia 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 Nelsonia 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 Nelsonia, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23414 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Nelsonia, Virginia
In Nelsonia, 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 Nelsonia, 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 Nelsonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Nelsonia is $520,000, with the highest and lowest median tax bills both at $3,094 in the 23414 zip code. This knowledge empowers homeowners to make informed decisions about their property taxes.
Average Nelsonia Assessed Value
$520,000
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 Nelsonia, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23414 | $520,000 | $520,000 | $520,000 | $520,000 | $520,000 |
Source: Ownwell
Property Tax Bills Across Nelsonia, Virginia
In Nelsonia, Accomack County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Nelsonia is $520,000, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the property's size, location, and condition. Homeowners in Nelsonia pay a median property tax bill of $3,094, which falls significantly higher than the national median property tax rate of 0.99%. This tax bill impacts homeowners by contributing to their overall housing costs and influencing their decisions on property investments. Higher property taxes can affect affordability and may be a consideration for potential buyers when evaluating the total cost of owning a home in the area. Conversely, these taxes fund essential local services such as schools, public safety, and infrastructure, which can enhance the community's overall quality of life.
Average Nelsonia Tax Bill
$3,094
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Nelsonia, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23414 | $3,094 | $3,094 | $3,094 | $3,094 | $3,094 |
Source: Ownwell