Tappahannock, Virginia Property Taxes
The median property tax rate in Tappahannock, VA is 0.73%, 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 $175,186 in Tappahannock, the typical annual property tax bill is approximately $1,277, significantly below 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 exemptions such as those for primary residences and agricultural properties. Navigating Tappahannock'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 Tappahannock or another part of Essex County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tappahannock, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,279
$1,187
Ownwell’s Tappahannock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tappahannock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tappahannock 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 Tappahannock, Virginia
Property taxes in Tappahannock, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tappahannock is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Tappahannock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tappahannock 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 Tappahannock's effective property tax rate to other counties in Virginia and the national median. For comparison, the 22560 zip code within Tappahannock has the highest median property tax rate of 0.73%, while the same 22560 zip code also has the lowest median tax rate of 0.73%. Understanding how these rates compare within Tappahannock provides valuable insights into the varying tax landscape across Essex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tappahannock Tax Rate
0.73%
Average Essex County Tax Rate
0.73%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tappahannock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22560 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Tappahannock, Virginia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tappahannock, Virginia. 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 for tax purposes by the Essex County Assessor's Office. 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 Tappahannock, 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 Tappahannock 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 22560 zip code are both $1,277, highlighting the variability within the region.
Average Tappahannock Assessed Value
$175,186
Average Essex County Assessed Value
$164,800
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tappahannock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22560 | $72,324 | $119,515 | $175,186 | $249,754 | $396,696 |
Source: Ownwell
Property Tax Bills Across Tappahannock, Virginia
In Tappahannock, Essex County, VA, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by local assessors. For instance, with a median home price of $175,186, homeowners can expect varying tax bills based on their property's assessed value and the applicable tax rate. Factors such as property location, improvements, and market conditions influence the assessed value. In Tappahannock, tax bills can range significantly: the 25th percentile tax bill is $877, while the 75th percentile tax bill reaches $1,818, and the 90th percentile tax bill can be as high as $2,873. The highest and lowest median tax bills recorded in the area are both $1,277, reflecting a consistent tax burden across different properties. These property taxes fund essential local services like schools, public safety, and infrastructure, directly impacting homeowners by contributing to the community's overall quality of life.
Average Tappahannock Tax Bill
$1,277
Average Essex County Tax Bill
$1,202
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Tappahannock, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 22560 | $548 | $877 | $1,277 | $1,818 | $2,873 |
Source: Ownwell