Quinby, Virginia Property Taxes
The median property tax rate in Quinby, VA is 0.60%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Quinby, the typical annual property tax bill is $495, which is significantly below the national median of $2,690. Property taxes in Quinby are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Quinby'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 Quinby or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Quinby, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$500
Ownwell’s Quinby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Quinby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Quinby 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 Quinby, Virginia
Property taxes in Quinby, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Quinby 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 Quinby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Quinby 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 Quinby's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23423 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Quinby 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 Quinby 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 Quinby, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23423 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Quinby, Virginia
In Quinby, 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 Quinby, 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 Quinby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Quinby are both $495.00, with the zip code 23423.
Average Quinby Assessed Value
$83,250
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 Quinby, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23423 | $19,770 | $55,225 | $83,250 | $130,325 | $192,880 |
Source: Ownwell
Property Tax Bills Across Quinby, Virginia
In Quinby, property tax bills are determined by a combination of the assessed value of the property and the local tax rate set by Accomack County. The assessed value is an estimate of the property's market value, which is periodically evaluated by the county's assessor. Homeowners in Quinby can expect their tax bills to fall within a range, with the 25th percentile at $329, the 75th percentile at $775, and the 90th percentile reaching $1,148. This means that most homeowners will see their tax bills somewhere in this range, with the median tax bill being $495.00, which is relatively modest compared to the national median property tax rate of 0.99%. The tax bill directly impacts homeowners by influencing their annual housing costs, which can affect budgeting and long-term financial planning. Understanding how these factors interplay helps homeowners anticipate their financial obligations and make informed decisions about their property investments.
Average Quinby Tax Bill
$495
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Quinby, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23423 | $118 | $329 | $495 | $775 | $1,148 |
Source: Ownwell