Parksley, Virginia Property Taxes
The median property tax rate in Parksley, 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 Parksley, the typical annual property tax bill is $552, well below the national median of $2,690. Property taxes in Parksley are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Parksley'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 Parksley 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
Parksley, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$556
Ownwell’s Parksley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parksley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parksley 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 Parksley, Virginia
Property taxes in Parksley, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parksley is 0.60%, which is lower than the Virginia state median and the U.S. national median of 0.99%. Local government entities within Parksley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parksley 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 Parksley's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23421 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Parksley 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 Parksley 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 Parksley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23421 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Parksley, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Parksley, Virginia. 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 Parksley, 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 Parksley 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 $552.00, found in zip code 23421.
Average Parksley Assessed Value
$92,700
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 Parksley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23421 | $26,740 | $47,500 | $92,700 | $151,400 | $219,100 |
Source: Ownwell
Property Tax Bills Across Parksley, Virginia
In Parksley, VA, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Accomack County. The assessed value is determined by the county assessor and reflects the estimated market value of the property. Homeowners in Parksley typically experience tax bills that vary significantly, with the 25th percentile tax bill at $283 and the 75th percentile reaching $901. The median home price in this area is $92,700, and the median tax bill is $552, aligning closely with the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any improvements made to the home. Higher assessed values usually result in higher tax bills, which can impact homeowners' budgets and financial planning. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances more effectively. The highest tax bill in Parksley can go up to $1,304, indicating variability based on property characteristics and assessment accuracy.
Average Parksley Tax Bill
$552
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Parksley, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23421 | $159 | $283 | $552 | $901 | $1,304 |
Source: Ownwell