Midlothian, Virginia Property Taxes
The median property tax rate in Midlothian, VA is 0.92%, slightly below the national median of 0.99% but higher than the Virginia state median of 0.89%. With a median home value of $364,300 in Midlothian, the typical annual property tax bill amounts to $3,337, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Midlothian’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 Midlothian or another part of Chesterfield County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Midlothian, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$3,352
Ownwell’s Midlothian Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Midlothian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midlothian to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular insights, scrolling down reveals trends on a neighborhood level. 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 Midlothian, Virginia
Property taxes in Midlothian, VA, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midlothian is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Midlothian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midlothian 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 Midlothian's effective property tax rate to other areas in Chesterfield County and the national median. For comparison, the 23112 zip code has the highest median property tax rate of 0.92%, while the 23113 zip code has the lowest median tax rate of 0.91%. Understanding how these areas compare with Midlothian provides valuable insights into the varying tax landscape across Chesterfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midlothian Tax Rate
0.92%
Average Chesterfield County Tax Rate
0.92%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midlothian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23112 | 0.91% | 0.91% | 0.92% | 0.92% | 0.92% |
| 23113 | 0.91% | 0.91% | 0.91% | 0.92% | 0.92% |
| 23114 | 0.91% | 0.91% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Midlothian, Virginia
In Midlothian, 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 Chesterfield County Assessor 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 Midlothian, 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 Midlothian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4,739 in the 23113 zip code, while the lowest median tax bill is $3,098 in the 23112 zip code.
Average Midlothian Assessed Value
$364,300
Average Chesterfield County Assessed Value
$304,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midlothian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23112 | $221,860 | $274,900 | $338,800 | $417,800 | $557,000 |
| 23113 | $211,300 | $334,200 | $518,000 | $663,400 | $847,840 |
| 23114 | $186,700 | $290,600 | $364,300 | $434,000 | $517,440 |
Source: Ownwell
Property Tax Bills Across Midlothian, Virginia
In Midlothian, Chesterfield County, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value reflects the market value of the property. The tax rate, applied to this assessed value, results in the annual property tax bill. For example, with a median home price of $364,300, the tax rates can vary, leading to different tax bills across the region. Homeowners in the 25th percentile can expect a tax bill around $2,598, while those in the 75th percentile might see bills closer to $4,444. The 90th percentile tax bills can reach up to $5,941. Comparatively, the highest median tax bill in the area is $4,739 in the 23113 zip code, whereas the lowest is $3,098 in the 23112 zip code. These figures show a range of property tax burdens that can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Midlothian Tax Bill
$3,337
Average Chesterfield County Tax Bill
$2,742
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Midlothian, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23112 | $1,972 | $2,508 | $3,098 | $3,820 | $5,095 |
| 23113 | $1,865 | $3,060 | $4,739 | $6,059 | $7,734 |
| 23114 | $1,619 | $2,649 | $3,336 | $4,030 | $4,774 |
Source: Ownwell