Onancock, Virginia Property Taxes
The median property tax rate in Onancock, VA is 0.60%, which is significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Onancock, the typical annual property tax bill is $925, well below the national median of $2,690. Property taxes in Onancock 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 Onancock'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 Onancock 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
Onancock, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$933
$866
Ownwell’s Onancock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Onancock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Onancock 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 Onancock, Virginia
Property taxes in Onancock, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Onancock 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 Onancock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Onancock 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 Onancock's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23417 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Onancock 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 Onancock 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 Onancock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23417 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Onancock, Virginia
In Onancock, 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 Onancock, 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 Onancock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 23417, both at $925.
Average Onancock Assessed Value
$155,450
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 Onancock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23417 | $36,200 | $83,800 | $155,450 | $250,350 | $379,260 |
Source: Ownwell
Property Tax Bills Across Onancock, Virginia
Property tax bills in Onancock, located in Accomack County, VA, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by county officials. In Onancock, the median home price stands at $155,450. Homeowners here can expect a wide range of tax bills, with the 25th percentile at $498 and the 75th percentile reaching $1,490, while the 90th percentile can go up to $2,257. The highest and lowest median tax bills in the area are both $925, suggesting some consistency in tax assessments within the same zip code. Factors influencing the tax bill include the property's market value, any applicable exemptions, and the local tax rate set by the county. These taxes fund essential public services like schools, infrastructure, and emergency services. For homeowners, understanding these factors is crucial as property taxes can significantly impact their annual expenses and overall financial planning.
Average Onancock Tax Bill
$925
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Onancock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23417 | $215 | $498 | $925 | $1,490 | $2,257 |
Source: Ownwell