Wattsville, Virginia Property Taxes
The median property tax rate in Wattsville, 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 Wattsville, the typical annual property tax bill reaches $639, significantly below the national median of $2,690. Property taxes in Wattsville 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 Wattsville'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 Wattsville 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
Wattsville, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$644
Ownwell’s Wattsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wattsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wattsville 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 Wattsville, Virginia
Property taxes in Wattsville, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wattsville stands at 0.60%, which is below both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Wattsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wattsville 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 Wattsville's effective property tax rate to other counties in Virginia and the national median. For comparison, the zip code 23483 has both the highest and lowest median property tax rate in the region at 0.60%. Understanding how these cities compare with Wattsville 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 Wattsville 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 Wattsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23483 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Wattsville, Virginia
In Wattsville, 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 Wattsville, 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 highest median tax bill in Wattsville is $639 in the 23483 zip code, while the lowest is also $639 in the same 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 in Wattsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wattsville Assessed Value
$107,350
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 Wattsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23483 | $88,350 | $95,475 | $107,350 | $119,225 | $126,350 |
Source: Ownwell
Property Tax Bills Across Wattsville, Virginia
In Wattsville, Accomack County, VA, property tax bills are calculated based on the assessed value of a home. The median home price in Wattsville is $107,350. Property taxes are determined by multiplying the assessed value by the local tax rate set by the county. For instance, homeowners in Wattsville experience a range of tax bills, with the 25th percentile at $568 and the 75th percentile at $709. The 90th percentile tax bill reaches up to $752, reflecting variations in home values and property characteristics. Several factors influence the tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. Homeowners should be aware that property taxes can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Wattsville's property tax bills are relatively moderate. Understanding these factors helps homeowners plan their finances better and ensures they are prepared for their annual tax obligations.
Average Wattsville Tax Bill
$639
Average Accomack County Tax Bill
$645
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Wattsville, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23483 | $526 | $568 | $639 | $709 | $752 |
Source: Ownwell