Temperanceville, Virginia Property Taxes
The median property tax rate in Temperanceville, 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 Temperanceville at $85,950, the typical annual property tax bill is $511, significantly below the national median of $2,690. Property taxes in Temperanceville 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 Temperanceville'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 Temperanceville 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
Temperanceville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$516
Ownwell’s Temperanceville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Temperanceville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Temperanceville 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 Temperanceville, Virginia
Property taxes in Temperanceville, Virginia, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Temperanceville 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 Temperanceville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Temperanceville 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 Temperanceville's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23442 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 Temperanceville 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 Temperanceville 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 Temperanceville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23442 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Temperanceville, Virginia
In Temperanceville, 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 Temperanceville, 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 Temperanceville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price stands at $85,950, with the 25th percentile tax bill at $228 and the 75th percentile tax bill at $847. The highest and lowest median tax bills are both $511 in the 23442 zip code.
Property Tax Assessment Values Across Temperanceville, Virginia
Source: Ownwell
$20,200
$270,100
$520,000
Average Temperanceville Assessed Value
$85,950
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 Temperanceville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23442 | $22,350 | $38,300 | $85,950 | $142,875 | $201,850 |
Source: Ownwell
Property Tax Bills Across Temperanceville, Virginia
In Temperanceville, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax owed. For example, with a median home price of $85,950, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $228, while those in the 75th percentile might see bills as high as $847. The 90th percentile tax bill can reach up to $1201. These tax bills are influenced by various factors, including the home's assessed value, exemptions, and the specific tax rate set by Accomack County. For comparison, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and assessed values impact their financial responsibilities. High property tax bills can affect a homeowner's budget, emphasizing the importance of accurate assessments and potential appeals to manage costs effectively.
Average Temperanceville Tax Bill
$511
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Temperanceville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23442 | $133 | $228 | $511 | $847 | $1,201 |
Source: Ownwell