Pungoteague, Virginia Property Taxes
The median property tax rate in Pungoteague, 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 $145,200 in Pungoteague, the typical annual property tax bill amounts to $864, which is well below the national median of $2,690. Property taxes in Pungoteague are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Pungoteague's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pungoteague or another part of Accomack County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pungoteague, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$871
$808
Ownwell’s Pungoteague Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Pungoteague with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pungoteague to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Pungoteague, Virginia
Property taxes in Pungoteague, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pungoteague is 0.60%, lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Pungoteague set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pungoteague 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 Pungoteague's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23422 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Pungoteague 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 Pungoteague 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 Pungoteague, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23422 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Pungoteague, Virginia
In Pungoteague, 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 Pungoteague, 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 Pungoteague helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Accomack County, the median home price is $145,200. The highest median tax bill is $864.00 in zip code 23422, and the lowest median tax bill is also $864.00 in the same zip code.
Average Pungoteague Assessed Value
$145,200
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 Pungoteague, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23422 | $31,000 | $48,800 | $145,200 | $172,200 | $322,800 |
Source: Ownwell
Property Tax Bills Across Pungoteague, Virginia
In Pungoteague, 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 county assessor and is intended to reflect the market value of the property. Homeowners in this region can expect their property tax bill to vary significantly depending on the value of their property. For instance, the median home price in Pungoteague is $145,200. The tax bill for homes in the 25th percentile is around $290, while those in the 75th percentile see bills closer to $1,025. At the higher end, the 90th percentile tax bill reaches $1,824. The highest and lowest median tax bills in the area are both $864, indicating a level of consistency in tax assessments within certain brackets. Compared to the national median property tax rate of 0.99%, Pungoteague homeowners experience a range of tax burdens that can significantly impact their annual financial planning.
Average Pungoteague Tax Bill
$864
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Pungoteague, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23422 | $184 | $290 | $864 | $1,025 | $1,824 |
Source: Ownwell