North, Virginia Property Taxes
The median property tax rate in North, VA is 0.58%, significantly lower than both the national median of 0.99% and the Virginia state median of 0.89%. With the median home value in North at $286,060, the typical annual property tax bill is $1,672, which is considerably less than the national median of $2,690. Property taxes in North are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding North'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 North or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North, Virginia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,659
$1,540
Ownwell’s NORTH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NORTH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NORTH 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 North, Virginia
Property taxes in North, Virginia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North is 0.58%, which is lower than both the Virginia state median and the U.S. national median of 0.99%. Local government entities within North set these rates annually, and they can vary significantly across different neighborhoods. Each year, North 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 North's effective property tax rate to other counties in Virginia and the national median. For comparison, the 23128 zip code has the highest median property tax rate of 0.58%, while the 23128 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with North 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 North 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 North, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23128 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across North, Virginia
In NORTH, 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 NORTH, 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 NORTH 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 23128, while the lowest is also 23128, both with a median tax bill of $1672.
Average North Assessed Value
$286,060
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 North, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23128 | $143,839 | $218,742 | $286,060 | $343,825 | $411,656 |
Source: Ownwell
Property Tax Bills Across North, Virginia
In the city of North, located in Gloucester County, VA, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the size, location, and condition of the property, as well as recent sales of similar properties in the area, are considered when determining the assessed value. For homeowners in North, the median home price stands at $286,060. Property tax bills can vary significantly; for instance, the tax bill at the 25th percentile is approximately $1,249, while at the 75th percentile, it rises to about $2,006. At the 90th percentile, homeowners can expect to pay around $2,422. These figures indicate that property taxes can have a substantial impact on household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average North Tax Bill
$1,672
Average Gloucester County Tax Bill
$1,643
Average Virginia Tax Bill
$2,608
Average United States Tax Bill
$2,690
Property Tax Bills Across North, Virginia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23128 | $888 | $1,249 | $1,672 | $2,006 | $2,422 |
Source: Ownwell