Powhatan, Virginia Property Taxes
The median property tax rate in Powhatan, VA is 0.75%, which is lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Powhatan, the typical annual property tax bill is $1,116, significantly less than the national median of $2,690. Property taxes in Powhatan are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Powhatan'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 Powhatan 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
Powhatan, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,133
$1,051
Ownwell’s Powhatan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Powhatan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Powhatan 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 Powhatan, Virginia
Property taxes in Powhatan, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Powhatan is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Powhatan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Powhatan 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 Powhatan's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23139 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Powhatan provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Powhatan Tax Rate
0.75%
Average Cumberland County Tax Rate
0.75%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Powhatan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23139 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Powhatan, Virginia
In Powhatan, 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 Cumberland 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 Powhatan, 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 Powhatan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,116, found in the 23139 zip code.
Average Powhatan Assessed Value
$151,020
Average Cumberland County Assessed Value
$125,850
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Powhatan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23139 | $68,349 | $108,762 | $151,020 | $205,055 | $263,920 |
Source: Ownwell
Property Tax Bills Across Powhatan, Virginia
In Powhatan, located in Cumberland County, VA, property tax bills are primarily determined by the assessed value of a home and the local tax rate. The median home price in this area is $151,020. The assessed value, which is often a percentage of the market value, serves as the basis for calculating the property tax. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, homeowners in Powhatan can expect a wide range of tax bills. At the 25th percentile, the tax bill is around $795, while at the 75th percentile, it rises to about $1,538. The top 10% of homeowners may see tax bills as high as $1,966. The median tax bill in the zip code 23139 is $1,116, which is above the national median property tax rate of 0.99%. These taxes directly impact homeowners by influencing their overall cost of living and potentially affecting home affordability and resale values.
Average Powhatan Tax Bill
$1,116
Average Cumberland County Tax Bill
$944
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Powhatan, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23139 | $481 | $795 | $1,116 | $1,538 | $1,966 |
Source: Ownwell