Hayes, Virginia Property Taxes
The median property tax rate in Hayes, VA is 0.58%, considerably lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in Hayes, the typical annual property tax bill reaches $1,669, which is significantly below the national median of $2,690. Property taxes in Hayes are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hayes'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 Hayes or another part of Gloucester County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hayes, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,648
$1,530
Ownwell’s Hayes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hayes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hayes 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 Hayes, Virginia
Property taxes in Hayes, Virginia, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hayes is 0.58%, significantly lower than the U.S. national median of 0.99%. Local government entities within Hayes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hayes 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 Hayes's effective property tax rate to other areas in Virginia and the national median. For comparison, the zip code 23072 has the same median property tax rate of 0.58%. Understanding how these areas compare with Hayes provides valuable insights into the varying tax landscape across Gloucester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hayes Tax Rate
0.58%
Average Gloucester County Tax Rate
0.58%
Average Virginia Tax Rate
0.89%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hayes, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23072 | 0.58% | 0.58% | 0.58% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Hayes, Virginia
In Hayes, 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 Gloucester 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 Hayes, 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 Hayes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Hayes is $1,669, seen in the 23072 zip code.
Average Hayes Assessed Value
$284,190
Average Gloucester County Assessed Value
$281,095
Average Virginia Assessed Value
$298,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hayes, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23072 | $148,243 | $219,040 | $284,190 | $378,662 | $510,102 |
Source: Ownwell
Property Tax Bills Across Hayes, Virginia
In Hayes, VA, property tax bills are calculated based on the assessed value of the property and the local tax rate set by Gloucester County. The assessed value is determined by county assessors who evaluate the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, the median home price in Hayes is $284,190, and using the local tax rate, the tax bill can vary significantly. Factors that influence the tax bill include the property's location, size, and recent market trends. Homeowners in Hayes might experience tax bills ranging from $1,273 at the 25th percentile to $3,020 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,669, indicating some consistency in property tax assessments within the zip code 23072. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in the area.
Average Hayes Tax Bill
$1,669
Average Gloucester County Tax Bill
$1,643
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across Hayes, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23072 | $834 | $1,273 | $1,669 | $2,241 | $3,020 |
Source: Ownwell