Wallops Island, Virginia Property Taxes
The median property tax rate in Wallops Island, 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 Wallops Island at $127,900, the typical annual property tax bill is $761, which is well below the national median of $2,690. Property taxes in Wallops Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wallops Island'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 Wallops Island 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
Wallops Island, Virginia Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,780
Ownwell’s Wallops Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallops Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallops Island 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 Wallops Island, Virginia
Property taxes in Wallops Island, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallops Island 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 Wallops Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallops Island 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 Wallops Island's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23337 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Wallops Island 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 Wallops Island 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 Wallops Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23337 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Wallops Island, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wallops Island, 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 Accomack County 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. 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 Wallops Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Wallops Island, the zip code 23337 has both the highest and lowest median tax bill at $761. This is notably lower than the national median property tax rate of 0.99%, making it essential for residents to stay informed about their property valuations and taxes.
Property Tax Assessment Values Across Wallops Island, Virginia
Source: Ownwell
$20,200
$270,100
$520,000
Average Wallops Island Assessed Value
$127,900
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 Wallops Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23337 | $33,960 | $76,200 | $127,900 | $202,900 | $277,040 |
Source: Ownwell
Property Tax Bills Across Wallops Island, Virginia
In Wallops Island, property tax bills are calculated based on the assessed value of a home, which is determined by the Accomack County tax assessor. The assessed value is a percentage of the home's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For instance, with a median home price of $127,900, a homeowner might expect a tax bill ranging from $453 at the 25th percentile to $1,648 at the 90th percentile. Factors influencing the tax bill include property location, improvements, and market conditions. Homeowners in Wallops Island experience a median tax bill of $761, which is relatively moderate compared to the national median property tax rate of 0.99%. This rate can significantly impact homeowners' financial planning, affecting their overall cost of living and housing affordability. Understanding these factors can help residents better anticipate their annual property tax obligations.
Average Wallops Island Tax Bill
$761
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallops Island, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23337 | $202 | $453 | $761 | $1,207 | $1,648 |
Source: Ownwell