Saxis, Virginia Property Taxes
The median property tax rate in Saxis, 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 Saxis at $71,200, the typical annual property tax bill is $424, well below the national median of $2,690. Property taxes in Saxis are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Saxis'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 Saxis 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
Saxis, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$427
$396
Ownwell’s Saxis Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers in Saxis. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Saxis to provide an estimate of your annual property tax bill. This valuable tool helps you understand your potential tax liabilities, making it easier to plan and budget accordingly. For those interested in more detailed insights, you can explore trends and data at a neighborhood level by scrolling down. Your property's assessed value is determined by Accomack County for tax purposes and includes any applicable exemptions, ensuring accurate calculations.
Property Tax Rates Across Saxis, Virginia
Property taxes in Saxis, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saxis is 0.60%, lower than both the Virginia state median of 0.82% and the U.S. national median of 0.99%. Local government entities within Saxis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saxis 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 Saxis's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23427 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 Saxis 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 Saxis 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 Saxis, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23427 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Saxis, Virginia
In Saxis, 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. 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. The median home price in Saxis is $71,200, with tax bills ranging from $227 at the 25th percentile to $916 at the 90th percentile. The highest and lowest median tax bills are both $424 in the 23427 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Saxis Assessed Value
$71,200
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 Saxis, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23427 | $20,700 | $38,200 | $71,200 | $106,850 | $153,900 |
Source: Ownwell
Property Tax Bills Across Saxis, Virginia
In Saxis, Accomack County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in this area is $71,200. Property tax rates in Saxis are relatively low compared to the national median property tax rate of 0.99%. For example, the 25th percentile tax bill is $227, while the 75th percentile tax bill is $636, and the 90th percentile tax bill reaches up to $916. Several factors influence the property tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. Homeowners in Saxis benefit from these lower tax rates, making homeownership more affordable compared to other regions. However, it's important for homeowners to stay informed about any changes in assessed values or tax rates, as these can directly impact their annual property tax bills.
Average Saxis Tax Bill
$424
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Saxis, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23427 | $123 | $227 | $424 | $636 | $916 |
Source: Ownwell