Dyke, Virginia Property Taxes
The median property tax rate in Dyke, VA is 0.85%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With a median home value of $310,400 in Dyke, the typical annual property tax bill amounts to $2,266, which is below the national median of $2,690. Property taxes in Dyke are calculated based on the assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Dyke'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 Dyke or another part of Albemarle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dyke, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$2,638
Ownwell’s Dyke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dyke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dyke 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 Dyke, Virginia
Property taxes in Dyke, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dyke is 0.85%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within Dyke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dyke 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 Dyke's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22935 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Dyke provides valuable insights into the varying tax landscape across Albemarle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dyke Tax Rate
0.85%
Average Albemarle County Tax Rate
0.85%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dyke, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22935 | 0.43% | 0.70% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Dyke, Virginia
In Dyke, 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 Albemarle 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 Dyke, 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 Dyke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 22935 has the highest median tax bill at $2,266, which is the same as the lowest median tax bill in the area.
Average Dyke Assessed Value
$310,400
Average Albemarle County Assessed Value
$433,600
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dyke, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22935 | $119,560 | $185,100 | $310,400 | $533,700 | $847,900 |
Source: Ownwell
Property Tax Bills Across Dyke, Virginia
In Dyke, a city in Albemarle County, VA, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's tax assessor, who evaluates the property's market value and applies an assessment ratio. The local tax rate is then applied to this assessed value to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value, affecting the final tax bill. For homeowners in Dyke, the median home price stands at $310,400. Property tax bills can vary significantly, with the 25th percentile at $1,324, the 75th percentile at $3,758, and the 90th percentile reaching $6,452. These figures illustrate the range of tax obligations within the community. Compared to the national median property tax rate of 0.99%, homeowners in Dyke may find their tax bills to be relatively moderate or high, depending on their property's assessed value. Understanding these factors is crucial for homeowners to anticipate their annual property tax expenses.
Average Dyke Tax Bill
$2,266
Average Albemarle County Tax Bill
$3,602
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Dyke, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22935 | $833 | $1,324 | $2,266 | $3,758 | $6,452 |
Source: Ownwell