Wilsons, Virginia Property Taxes
The median property tax rate in Wilsons, VA is 0.79%, 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 $138,400 in Wilsons, the typical annual property tax bill amounts to $1,019, significantly below the national median of $2,690. Property taxes in Wilsons are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Wilsons' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wilsons 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
Wilsons, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,093
$1,015
Ownwell’s Wilsons Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilsons with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilsons 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 Wilsons, Virginia
Property taxes in Wilsons, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilsons is 0.79%, which is below the U.S. national median of 0.99%. Local government entities within Wilsons set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilsons 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 Wilsons' effective property tax rate to other counties in Virginia and the national median. For comparison, the 23894 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Wilsons provides valuable insights into the varying tax landscape across Dinwiddie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilsons Tax Rate
0.79%
Average Dinwiddie County Tax Rate
0.79%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilsons, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23894 | 0.53% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Wilsons, Virginia
In Wilsons, 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 local 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 Wilsons, 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 Wilsons helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 23894, with a tax bill of $1019.00.
Average Wilsons Assessed Value
$138,400
Average Dinwiddie County Assessed Value
$147,500
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilsons, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23894 | $52,380 | $88,000 | $138,400 | $198,000 | $283,211 |
Source: Ownwell
Property Tax Bills Across Wilsons, Virginia
In Wilsons, located in Dinwiddie County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the home's market value, location, and any applicable exemptions or deductions can influence the assessed value. The median home price in Wilsons is $138,400, with property tax bills varying significantly. Homeowners in the 25th percentile pay around $649 annually, while those in the 75th percentile see bills closer to $1,514. At the 90th percentile, tax bills can reach up to $1,893. Compared to the national median property tax rate of 0.99%, the property tax rate in Wilsons reflects the local economic conditions and public service funding needs. These tax bills can significantly impact homeowners' budgets, influencing decisions on home purchases and long-term financial planning.
Average Wilsons Tax Bill
$1,019
Average Dinwiddie County Tax Bill
$1,142
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilsons, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23894 | $360 | $649 | $1,019 | $1,514 | $1,893 |
Source: Ownwell