Oak Hall, Virginia Property Taxes
The median property tax rate in Oak Hall, 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 $67,700 in Oak Hall, the typical annual property tax bill amounts to $403, which is much less than the national median of $2,690. Property taxes in Oak Hall are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Oak Hall's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Oak Hall or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oak Hall, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$406
$377
Ownwell’s Oak Hall Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Hall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Hall 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 Oak Hall, Virginia
Property taxes in Oak Hall, Virginia, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Hall is 0.60%, which is below the U.S. national median of 0.99%. Local government entities within Oak Hall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Hall 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 Oak Hall's effective property tax rate to other areas in Virginia and the national median. For comparison, the 23416 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Oak Hall 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 Oak Hall 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 Oak Hall, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23416 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Oak Hall, Virginia
In Oak Hall, 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 Oak Hall, 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 Oak Hall 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 $403 in zip code 23416, which is also the lowest median tax bill.
Average Oak Hall Assessed Value
$67,700
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 Oak Hall, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23416 | $23,280 | $33,400 | $67,700 | $112,250 | $156,760 |
Source: Ownwell
Property Tax Bills Across Oak Hall, Virginia
In Oak Hall, VA, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the Accomack County tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, the median home price in Oak Hall is $67,700. Homeowners in the 25th percentile can expect a tax bill around $199, while those in the 75th percentile might pay approximately $668. At the 90th percentile, the tax bill can be as high as $933. These figures show a range of tax liabilities, indicating how property values and tax rates interact to determine the final bill. Compared to the national median property tax rate of 0.99%, Oak Hall's tax bills reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Oak Hall Tax Bill
$403
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Hall, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23416 | $139 | $199 | $403 | $668 | $933 |
Source: Ownwell