Dolphin, Virginia Property Taxes
The median property tax rate in Dolphin, VA is 0.65%, which is notably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Dolphin, the typical annual property tax bill amounts to $275, significantly below the national median of $2,690. Property taxes in Dolphin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Dolphin'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 Dolphin 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
Dolphin, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$275
$255
Ownwell’s Dolphin Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Dolphin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dolphin 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 Dolphin, Virginia
Property taxes in Dolphin, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dolphin is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Dolphin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dolphin 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 Dolphin's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23843 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Dolphin provides valuable insights into the varying tax landscape across Brunswick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dolphin Tax Rate
0.65%
Average Brunswick County Tax Rate
0.65%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dolphin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23843 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Dolphin, Virginia
In Dolphin, VA, 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 Brunswick 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 Dolphin, 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 Dolphin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Dolphin's zip code 23843 are both $275.
Average Dolphin Assessed Value
$42,300
Average Brunswick County Assessed Value
$41,900
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dolphin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23843 | $22,280 | $35,000 | $42,300 | $85,300 | $150,640 |
Source: Ownwell
Property Tax Bills Across Dolphin, Virginia
In Dolphin, 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 Dolphin stands at $42,300. Property taxes are then applied to this assessed value using the local tax rate. For example, a homeowner in Dolphin within Brunswick County might see tax bills ranging from $228 at the 25th percentile to $979 at the 90th percentile, highlighting the variance in property values and tax rates within the area. Several factors influence these tax bills, including property size, location, and improvements made to the home. These assessments ensure that property taxes reflect the current market conditions and property values. The impact on homeowners can be significant, as higher assessed values lead to higher tax bills. Compared to the national median property tax rate of 0.99%, Dolphin’s property taxes can represent a considerable financial obligation for residents, affecting their overall cost of living and financial planning.
Average Dolphin Tax Bill
$275
Average Brunswick County Tax Bill
$272
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Dolphin, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23843 | $145 | $228 | $275 | $554 | $979 |
Source: Ownwell